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The latest numbers show that 2019 was off to a good start for TwinCities residential real estate. Sellers produced another increase in listing activity, while buyers entered into more contracts than last January even while closed sales fell. Market times continued to shrink as the median sold home price rose compared to last year. After … [read more]

Occasionally, Minneapolis Area REALTORS® business hours may be altered or operations may be reduced or temporarily closed due to inclement weather or emergency conditions. If threatening weather is expected or occurs, refer to the local media or school websites. Except as noted below, the Association will follow the direction of the Edina School District. If … [read more]

The Leadership Installation and Awards Celebration was held on Thursday, January 24 at the Minnesota History Center in St. Paul. We’d like to thank the members who attended to help us welcome our 2019 Board of Directors, Executive Committee members, and 2019 President Todd Urbanski. Award recipients were also recognized by Immediate Past-President Kath Hammerseng. … [read more]

Major Objectives for 2019 Hear from 2019 President Todd Urbanski on upcoming initiatives for this year. There are three major objectives that he and our leadership have in mind. CEO SEARCH We are in search of a new CEO to lead the association into the future. BUILDING COMMITTEE We’re looking at our existing building functionality, … [read more]

2018 Annual Wrap-Up Beauty is in the eye of the beholder. Sometimes, so are market statistics. For sellers, the big stories of 2018 were three records: prices, market times and percent of list price received at sale. For buyers, the major themes were increased new listings toward year-end, an annual inventory increase, changing interest rates … [read more]

ISSUE ALERT! All Minneapolis Area REALTORS® members should be advised of the following proposal: The Minneapolis City Council has directed city staff to craft an ordinance that would add Residential Energy Scoring Disclosure requirements to the Truth-In-Sale of Housing. We anticipate that draft language will surface at the Public Health, Environment, Civil Rights and Engagement … [read more]

Programs important to real estate will be affected in the event of a partial federal government shutdown at midnight tonight if lawmakers fail to pass short-term budget legislation. NAR is in regular communication with congressional leaders and the White House and is working with other organizations to ensure lawmakers are aware of the importance of … [read more]

For the first time since April 2015, there were more homes listed for sale in the Twin Cities metro than the same month the year prior. After years of strong buyer activity and weak seller activity, the tides seem to finally be shifting. Seller activity has been accelerating since the middle of this year. Meanwhile, … [read more]

On Tuesday, December 18 the Plymouth City Council met and considered adding “occurrence restrictions” on short-term rentals within the city limits. The proposed ordinance would have allowed only one occurrence of a short-term rental in a 30-day consecutive period, effectively limiting the frequency of short-term rentals. Minneapolis Area REALTORS® submitted a formal letter and testified … [read more]

Minneapolis Area REALTORS® shines a light on a few of our members who have dedicated their time, talents and energy to serve in a volunteer leadership capacity in our communities. These REALTORS® are change agents. They recognized a critical need in our community and took action to address those needs. Some of these members have … [read more]

As sentiments regarding the direction of housing markets have changed, it’s worth remembering two key facts. First, all housing is local—what’s happening in San Francisco, Seattle and Denver is not reflective of the Minneapolis-St. Paul market. Second, the housing market faces fewer risks than in the mid-2000s. After years of strong buyer activity and weak … [read more]

After years of strong buyer activity and weak seller activity, the market tides seem to finally be shifting back toward balance. Strong demand and weak supply have created an environment that favors sellers. But if anything can be called a constant in the market—it’s change. Four of the last five months showed increases in new … [read more]

More sellers are feeling optimistic about listing their homes just as humidity, cabin weekends and food-on-a-stick give way to rakes, school buses and sweater vests. Compared to last August, Twin Cities sellers listed 7.6 percent more homes on the market. That was the largest increase since late-2015. Although buyers signed 2.9 percent fewer contracts than … [read more]

It’s official. Yesterday, Southeast Minnesota REALTORS (SEMR) signed papers to merge its MLS operations with NorthstarMLS, and our president, Kath Hammerseng was there with pen in hand. All SEMR members—approximately 1,000—will use NorthstarMLS as their primary MLS. The conversion of all SEMR members and their listings from their current MLS to NorthstarMLS is targeted to … [read more]

Here at MAAR, we’re always coming up with new ways to convey information to our members, the media and the public. In our research department, we’ve been working on creating a series of maps that help us visualize and better understand our regional … [read more]

New listings increased this July compared to last year, which could hint at a flurry of sellers looking to take advantage of this strong market. July marked the second increase in seller activity since November 2017. Meanwhile, buyer activity flattened out after seven months of year-over-year declines. This trend of rising seller activity and moderating … [read more]

Seller activity was relatively flat in June while buyers pulled back somewhat. For the first time since 2010, new listings surpassed 9,000 in May of this year. That’s encouraging, even though June seller activity was down slightly compared to last year. Increasing or steady seller activity combined with a cool down in demand is consistent … [read more]

More sellers may finally be jumping into the market at a time when buyers are facing the challenges of low inventory. Since 2013, new listing activity has been subdued relative to buyer activity and hasn’t surpassed 9,000 new listings per month since 2010. Excluding 2010, we haven’t had this many new listings for any month … [read more]

Have you ever wondered to yourself what the home price trendline would look like compared to a hypothetical trendline that starts at the same price in 1990 but increased at a steady and predictable 4% annual growth? Well you’re in luck, because that’s exactly the sort of in-depth market insights that we serve up on … [read more]

The “MGIC/MAAR Home Payment Report” is a quarterly overview of typical monthly payments on homes recently sold in the Twin Cities’ 50 most active real estate markets. Agents can download the report and forward it to prospects or include it in their own marketing pieces. The report is produced through a partnership between MAAR and MGIC … [read more]

Housing demand is strong and supply is low. That’s been the story for a few years. But there is some early evidence that things could be starting to loosen up. That said, buyers shopping this spring will still face stiff competition. The lack of inventory combined with rising prices is encouraging some sellers to stay … [read more]

From colder-than-average temperatures to a record-breaking snow storm, this spring has been anything but normal. While those searching for homes have seen more options since January or February, they’re still seeing fewer options compared to last year. That’s capped sales activity—particularly at the entry-level prices—and the lack of inventory combined with rising prices is encouraging … [read more]

The “MGIC/MAAR Home Payment Report” is a quarterly overview of typical monthly payments on homes recently sold in the Twin Cities’ 50 most active real estate markets. Agents can download the report and forward it to prospects or include it in their own marketing pieces. The report is produced through a partnership between MAAR and MGIC … [read more]

The big story of 2017 was threefold: the median sales price reached an all-time high; closed sales reached a 12-year high; and inventory levels reached a 15-year low. Sales nearly broke their all-time record, but fell just short of their all-time 2004 high. In February 2018, new listings posted a year-over-year decline for a fourth … [read more]

Excerpt: “The 50th anniversary of the Fair Housing Act represents an opportunity to remind ourselves not only of the importance of the law in shaping the real estate landscape today, but also to look back on what the situation was like before it was enacted, when the process of buying or renting a home was … [read more]

A REALTOR® at Exit Realty Metro, Pat Paulson was presented with the 2018 REALTOR® of the Year award by the Minneapolis Area Association of REALTORS® (MAAR) in recognition of his commitment to the association, the real estate community and the community at large. This prestigious award is MAAR’s way of showing appreciation to members for … [read more]

The big story of 2017 was threefold: the median sales price reached an all-time high; closed sales reached a 12-year high; and inventory levels reached a 15-year low. Sales nearly broke their all-time record, but fell just 12 units short of their all-time 2004 high. In January 2018, new listings posted a year-over-year decline for … [read more]

To honor longevity as a REALTOR® member, we offer the REALTOR® Emeritus Program Please email info@mplsrealtor.com by March 15, 2018 if you meet the criteria below and are interested in joining the program. A REALTOR® Member who has held membership in the National Association as a REALTOR®, REALTOR-ASSOCIATE®, or both, for a cumulative period of … [read more]

Super Bowl Week festivities have begun. As REALTORS®, we want to remind you to heighten your awareness when meeting new clients. Hundreds of thousands of people are coming here. Unfortunately, some of those people will be here for crimes of opportunity. Here are a few tips: • Meet new clients at your office or in … [read more]

“Overall, 2017 was a year marked by unprecedented natural disasters, shifting political winds, a variety of social movements and an ongoing – but perhaps waning – synchronized global economic expansion. In the U.S., that expansion is now the third longest on record, while the longest ever stretch of uninterrupted private job growth was cut short … [read more]

With the majority of 2017 in the books, the Twin Cities housing market is likely to cap off another mostly positive year. Sales and prices both increased while interest rates remained attractive. More homes sold in less time and for closer to asking price. The economy remained supportive to housing by way of low unemployment … [read more]

‘Tis the season to keep your membership alive! Here are the end of the year reminders you may or may not have remembered: Annual Membership Dues Member dues must be paid annually in order to keep your membership active. The membership dues deadline was November 30. If you haven’t yet, please login to pay your … [read more]

By now you probably realize the value of your REALTOR® status and we hope you have a sense of confidence in ethics when it comes to your business. MAAR is here to make it easy for you to satisfy your Code of Ethics requirement. Did you know the requirement has switched from a 4-year cycle … [read more]

MAAR shines a light on a few of our members who have dedicated their time, talents and energy to serve in a volunteer leadership capacity in our communities. These REALTORS are change agents. They recognized a critical need in our community and took action to address those needs. Some of these members have established are … [read more]

The “MGIC/MAAR Home Payment Report” is a quarterly overview of typical monthly payments on homes recently sold in the Twin Cities’ 50 most active real estate markets. Agents can download the report and forward it to prospects or include it in their own marketing pieces. The report is produced through a partnership between MAAR and … [read more]

It’s that time of year again. If you haven’t already, you’ll be logging into the portal and submitting your annual membership dues. And once again, you wonder… where does it go? Your dues payment is allocated among the three associations: 1. National Association of REALTORS®, 2. Minnesota Association of REALTORS® and 3. Minneapolis Area Association of REALTORS®. These payments support … [read more]

The Minneapolis Area Association of REALTORS® local RPAC Committee has decided to endorse the following candidates for public office. MAAR’s local candidate support process is available for member review. The Committee recommends these candidates and considers them pro-REALTORS® and pro-private property rights. Members who live in jurisdictions who are legally eligible to vote are encouraged … [read more]

The red-hot Twin Cities housing market is starting to cool off just a bit. While June 2017 marked an all-time record for Twin Cities home sales and prices, purchase demand declined from last year for a third consecutive month. New listings decreased 5.2 percent from September 2016 to 6,472, and pending sales dipped 1.7 percent. … [read more]

The “MGIC/MAAR Home Payment Report” is a quarterly overview of typical monthly payments on homes recently sold in the Twin Cities’ 50 most active real estate markets. Agents can download the report and forward it to prospects or include it in their own marketing pieces. The report is produced through a partnership between MAAR and … [read more]

Since home prices for the Twin Cities metro have fully recovered and then some, it’s tempting (and even somewhat logical) to assume that monthly mortgage payments are also at all-time highs. That assumption would be entirely inaccurate. But it makes so much sense! If the median home price is at an all-time high, the monthly … [read more]

Keep your membership alive and pay your MLS fees on time! 4th Quarter MLS Fees are due by September 30. All you have to do is login to the online portal and submit your $119 payment. We’ve made it easy for you through the “How to Pay your Quarterly MLS Fee” video. If you don’t, … [read more]

Minneapolis, Minnesota (September 18, 2017) – The Twin Cities housing market continues to show signs of high demand and short supply. While June 2017 marked an all-time home sales record for the Twin Cities, closed sales showed a year-over-year decline for the second consecutive month. The number of sellers listing their homes increased slightly, but … [read more]

The Equifax Breach As you have likely heard, last week a serious breach of the Equifax credit reporting agency was made public, that exposed names, social security numbers, birthdates, debt, court judgments, etc… of over 140 million Americans. This leak is much more serious than most other publicly known breaches because of the nature of … [read more]

The kids are back in school and the holidays are just around the corner! What a great time to check out the education and professional development offerings we have at MAAR. Here’s the Fall lineup: NEW! Mortgage 101 Tuesday, September 19 (1:00 p.m. – 4:00 p.m.) | 3.00 CE Hours This course has been approved … [read more]

While many–though not all–cities around the metro have seen all-time high median sales prices, the first and second-ring suburbs near Minneapolis and major job centers stand out. Check out the median home price for these Minneapolis suburbs. But when we account for the fact that bigger homes are selling (both from new construction and finishing … [read more]

While June 2017 marked an all-time home sales record for the Twin Cities, closed sales retreated slightly in July compared to 2016. A slow-down in sellers listing their homes was a contributing factor, as was low inventory. New listings decreased 3.9 percent from last year to 7,227, and the number of homes for sale decreased … [read more]

Given the fact that the school year is about a month away (yikes) and we’ve already had our first preview of fall weather, it feels like a good time to talk about seasonality. First of all, whatever you do, don’t use the term “seasonably adjusted.” Second of all, don’t make matters worse by talking about … [read more]

Last week’s RealGiver event raised over $10,000 for the MAAR Foundation, thanks to you, our charitable MAAR members! Highlights of the event included: Impactful stories from Foundation grant recipients, a surprise waterslide fundraising challenge by President Cotty Lowry and music by Past President Emily Green and her jazz ensemble. Recipients of Minnesota Assistance Council for … [read more]

For those in the LGBTQ community, the month of June is traditionally a time for reflection and celebration of the progress made–from the days of the Stonewall Riots to the legalization of gay marriage–there is a lot to be thankful for. Progress is happening with cities around the world hosting festivals drawing millions from all … [read more]

As the shortage of residential property listings persists, many observers are rightly examining recent new construction trends. We’d like to get in on that. Using exclusively NorthstarMLS data, this analysis only looks at listings with a “year built” field of 2016 or later. However, the closed sales count only uses 2017YTD activity and inventory is always … [read more]

Over the weekend, the real estate community lost a prominent industry leader. Jim Stanton leaves his real estate footprint throughout the Twin Cities on over 6,000 home sites in 28 cities in Minnesota and Western Wisconsin. “Jim Stanton always had his eye on the next project whether it be development or industry advocacy efforts. … [read more]

Compared to May 2016, new listings in the Twin Cities inched up 0.7 percent while closed sales fell 1.1 percent. Given that there were 17.3 percent fewer homes on the market compared to last May, it’s clear that buyers remain motivated. Declining foreclosure and short sale activity can contribute to market-wide declines. For example, traditional … [read more]

2017 Jean Leake Emerging Markets Service Scholarship Recipient—MY NAR REALTOR Legislative Meeting Experience By Erin Wilson The night before I left, I had planned to get up at 4 a.m. to make my 7:30 a.m. flight but found myself awake at 2 a.m. in anticipation of my first trip to the National Association of REALTORS® … [read more]

The “MGIC/MAAR Home Payment Report” is a quarterly overview of typical monthly payments on homes recently sold in the Twin Cities’ 50 most active real estate markets. Agents can download the report and forward it to prospects or include it in their own marketing pieces. The report is produced through a partnership between MAAR and … [read more]

MAAR has a new tool for educating consumers and encouraging potential home buyers to make a move. The “MGIC/MAAR Home Payment Report” is a quarterly overview of typical monthly payments on homes recently sold in the Twin Cities’ 50 most active real estate markets. Agents can download the report and forward it to prospects or … [read more]

With the number of homes available for sale at a 14-year low, the well-priced homes that are on the market are often getting full-price offers or better in record time. Active listings continue to drop, they are currently down 25.3 percent compared to last February. Those shopping for homes have 8,820 options from which to … [read more]

Right around the time when second-hand shops receive an influx of donated exercise equipment, we get our first glimpse of the year at our local housing market. Overall, it was a healthy and balanced start to the new year. New listings rose 3.1 percent to 4,304, the second strongest gain in nearly a year. Pending … [read more]

Get to Know 2017 President, Cotty Lowry Cotty was recently inducted as the 2017 MAAR President. He is ready to represent the real estate community and govern the association as President. Here is your chance to get to know Cotty. What are some of your goals as President? The MAAR mission statement is to provide resources and … [read more]

As Twin Citizens hunker down for winter, home buyers haven’t requested any time off this holiday season. Pending home sales rose 9.0 percent compared to last November and are at their highest level for any November since 2004. Closed sales likely reflect a sense of haste, as buyers closed on a whopping 25.2 percent more … [read more]

All REALTORS® are encouraged to be informed of the Inflow & Infiltration Point-of-Sale Inspection ordinance from 2016 that was passed in the city of West St. Paul. It is due to be implemented in January 1, 2017. About the Ordinance The Inflow & Infiltration Point-of-Sale Inspection requires that all single-family homes will need a … [read more]

The Southwest Journal recently reported about rent increases in several Lyndale Neighborhood multi-family buildings. That strikes us as a good time to take the pulse of the owner-occupied or homeownership market. Lyndale neighborhood prices have risen, as have those in Powderhorn and the entire city. Lyndale prices are hovering … [read more]

2016 MAAR Grant Recipient: Minnesota Adult and Teen Challenge “I wouldn’t be sitting here right now if it weren’t for Teen Challenge,” says Christine, a graduate of the Minnesota Adult and Teen Challenge (MnTC) addiction recovery program. Now an employee of the organization, Christine reflects on her first days at MnTC, “By the time you … [read more]

Pending home sales rose 1.6 percent compared to last year and reached their highest level for any October since 2004. Sellers listed 5,249 for-sale properties on the market, 9.5 percent fewer than last October. Closed sales increased 0.8 percent to 4,791. That closed sales figure is between 2004 and 2005 levels. Although home prices have … [read more]

For quite some time, NAR’s reports have shown that homeowners tend to stay in their homes for 5-7 years. Based on the data from NAR’s most recent Profile of Home Buyers and Sellers report, that was true up until 2008. By 2011–just after the seismic shifts that rocked the market–owner tenure rose to 9 years and … [read more]

Since the beginning of 2003 (chart above starts at 2005), there have been more homes for sale in Minneapolis priced under $250,000 than in St. Paul. And then one cold winter morning that was no longer the case. Starting in February 2016 and every month since, there have been more homes priced under $250,000 for … [read more]

Whether in a classroom setting, at a public event or community meeting, working a media relations angle or just doing a quick office visit, we often encourage real estate professionals (or anyone with an income reliant on the health of a consumer-driven marketplace, really) to monitor not only the housing market but also the labor market. … [read more]

Seller activity increased 5.6 percent since last September, the largest increase all year. Sellers introduced 6,727 new listings to the marketplace. Closed sales increased 5.7 percent while pending purchase activity was flat. That closed sales figure is on par with 2005 levels. Although home prices have reached their seasonal peak for 2016, the median sales … [read more]

As you may or may not have noticed, it’s a moderately significant golf week. The Ryder Cup is taking place at the Hazeltine Course in Chaska and golf legend Arnold Palmer—dubbed the “King of Golf”—sadly passed on September 25, 2016. So grab a lemonade … [read more]

Minneapolis Area Association of REALTORS® (MAAR) volunteers came together with compassion in their hearts to make over a community space in need of a little love and attention on September 16. The senior residents at Saint Anne’s had a specific request to transform their courtyard area to include a community garden. Funds for the … [read more]

As the sounds around the University of Minnesota campus transition from construction equipment to the anxious clamor of students there is no shortage of activity around the Prospect Park neighborhood on the eastern edge of Minneapolis. Adding to that is the reopening of West River Parkway after a June 2014 landslide … [read more]

Around this time every year, millions of people go to the State Fair in Falcon Heights. Whether you go for the music, food, people-watching or maybe you’re one of those reluctant attendees there with your children or supervisor, the Great Minnesota Get Together has something for everyone. If you’re not one … [read more]

If you’ve ever tried to take a stroll along the Mississippi riverfront in North Minneapolis, you’ve likely noticed that this task is easier said than done. The city wants to change that and redevelop the northern riverfront into a much more people-friendly environment. Currently, the northside riverfront is comprised overwhelmingly of … [read more]

With apps popping up around every corner, it can be overwhelming to decide which ones you should use. We talked with tech savvy real estate agent, Brandon Doyle and asked him what he’s using for his business and here is what he shared: 1. Card Reader – No more boring manual input of the names, phone numbers, … [read more]

Comprised of eleven neighborhoods stretching from Minnehaha Falls over to 35W and roughly from 42nd St. E. down to the Crosstown, the Nokomis Community offers classic South Minneapolis living with convenient lake, dining, nightlife, transit and freeway access. Though it wasn’t always the case over the last decade or so, the … [read more]

Here at MAAR, we fully understand what it means to have thousands of real estate professionals and countless home buyers and sellers rely on you for unbiased, accurate and timely information. A big part of who we are (and one of the top reasons why 8,000+ professionals are members of our association) is our market … [read more]

The June 2016 median sales price for residential properties has reached a new all-time high, eclipsing the previous June 2006 record of $238,000. This measure of home prices rose 5.3 percent from June 2015 to $242,000. Seller activity rose 0.5 percent since last June to 8,727 new listings. Sales activity was roughly even with last … [read more]

The Lyndale Neighborhood is part of the Powderhorn Community and not the Calhoun-Isle Community (or “Uptown” to some). The Powderhorn boundary juts out to the west of I-35W to incorporate Whittier and Lyndale (map). Whittier and Lyndale are typically thought of as part of “Lyn-Lake,” just in case the … [read more]

Words from our Members – 2016 Jean Leake Emerging Market Services Scholarship Recipient The Jean Leake Emerging Market Services Scholarship is offered to members who are actively working to close the homeownership disparities gap that exist in Minnesota. The scholarship recipient attends the National Association of REALTORS® Midyear Legislative Meetings & Trade Show in Washington … [read more]

Have you ever questioned the value of networking? Unless you’re tracking personal connections, it can be difficult to gauge the level of impact it has on your business. I recently sat down with Amber Rose Bjerke, CEO of 3BOSSES and REALTOR® at Bayshore Realty. She’s a local business woman who has built an impressive network … [read more]

Words from our Members – 2016 Jean Leake Emerging Markets Service Scholarship Recipient By Rebecca Simonton As the recipient of the 2016 Jean Leake Emerging Markets Service Scholarship, I have become aware of the influence of the Minneapolis Area Association of REALTORS® and the collective voice of REALTORS® regarding housing policies that impact our … [read more]

Pending home purchase activity exceeded year-ago levels for the 18th consecutive month. Buyers signed 6,809 new purchase agreements, a 9.9 percent gain compared to May 2015. Closed sales, however, rose 5.3 percent to 6,167—the highest May closed sales figure on record. In large part due to low inventory, would-be sellers are concerned about their ability … [read more]

The name “Wayzata” is from a Lakota Sioux phrase meaning “North Shore”—a rather fitting name for the city that occupies a hearty share of Lake Minnetonka’s northeasternly shore. Wayzata is a water-oriented community with a 2010 population of 3,688. Newsweek included Wayzata High School on its list of … [read more]

WORDS FROM OUR MEMBERS─2016 ANN BROCKHOUSE FUTURE LEADER SCHOLARSHIP RECIPIENT By Thang M.C. Holt It was an honor to be awarded the Ann Brockhouse Leader Scholarship out of a pool of inspiring professionals who work diligently to raise the real estate industry standard. MAAR provides three scholarship recipients the opportunity to attend the National Association … [read more]

The National Association of REALTORS® (NAR) 2013–14 CRT REALTOR® Technology Survey Report states that 77% of REALTORS® use Facebook for real estate business purposes, the highest of the major social networks. Taking that into consideration, we found some tips on how to be most effective on social media including this informative article and the NAR Field Guide to Facebook and Twitter. 16 Ways … [read more]

Congratulations to Minneapolis REALTOR®, John Smaby on his election as First Vice–President of the National Association of REALTORS® for 2017 (President-Elect for 2018 and President for 2019). John has 45 years of experience in the real estate industry, with extensive leadership experience on the local, state and national level. It’s an honor to have John represent our real … [read more]

April Sellers Bring Full Price Offers New Listings showed a second year-over-year decline in 2016 while pending purchase activity rose for the 17th straight month. Buyers signed 6,373 new purchase agreements, a small but important 1.6 percent gain compared to a record-setting April 2015. Due to the well-known supply shortages in our market, would-be sellers … [read more]

It was recently brought to our attention that one of our members had a listing scraped and used as a rental scam. This is not the first case we have seen and it may not be the last. The National Association of REALTORS® and Federal Trade Commission offers some resources on how to prevent these scams and … [read more]

The National Association of REALTORS® is celebrating the REALTOR® Trademark Centennial. We’re proud to share that the term REALTOR® was coined here at your association by a local real estate professional. At the time, we were called the Minneapolis Real Estate Board. In this article, published by NAR, you’ll hear the story behind the term that made an impact on our industry. … [read more]

We don’t often talk about the national housing market, because, well, that isn’t really a thing. You read that right. There is no national housing market! The same way there is no national weather forecast. You don’t grab an umbrella in Miami … [read more]

Fair Housing Is In Your Hands Nearly 50 years since the federal ban on housing discrimination, upholding the law’s spirit remains a challenge. Here’s how to be a fair housing leader. MARCH 2016 | BY GRAHAM WOOD Sandra Butler refused to let it slide when a seller she represented last year made what felt … [read more]

When to Call in a Stager Are you on the fence on whether or not to stage a property? I recently had the pleasure of speaking with Karen Galler of Showhomes Home Staging – Minneapolis. She shared five listing situations that could be improved with the help of a stager.1. House is vacant. 90% of people … [read more]

Spring Market Draws out Eager Buyers; Sellers Still on Hold With the spring market officially underway, both buyer and seller activity rose in March 2016 compared to last March. Buyers signed 5,861 new purchase agreements, pushing pending sales up a respectable 12.6 percent. Would-be sellers were still concerned about their ability to secure their next … [read more]

Cheatsheet to Professionalism: 10 Tips for REALTORS® I had the pleasure of spending some time with Nicole Sarenpa, a REALTOR® with Keller Williams in Wayzata, we discussed what defines a professional REALTOR®: 1. Be a technician. Know your product and how to communicate and execute the ins and outs of real estate contracts, financing and the … [read more]

Is the Lack of Housing Inventory Taking the Spring Out of Your Market? It’s no secret that we’re experiencing an inventory shortage. Consumers and real estate professionals are feeling the frustration of a low housing supply after submitting multiple offers without success. This trend is not unique to the Minneapolis and St. Paul area, … [read more]

On Monday, March 28, 2016, the City of Brooklyn Center introduced an ordinance that would limit the number of rental licenses issued for single family homes throughout the city. The proposal would cap the number of available rental licenses to 30 percent of the single family homes per block in R1 and R2 zoning districts. … [read more]

Apps to simplify your next tax season There are many exciting parts of managing your own business, but tracking tax deductions may not be one of them. Each year, your accountant expects certain items to be documented and organized to some extent. Everyone has a different bookkeeping style, but if you’re struggling to keep track … [read more]

Keep heading south on the upgraded State Highway 13 past Savage and you’ll soon find yourself in lovely Prior Lake. Home to about 25,000 people, Prior Lake is situated in rapidly-growing Scott County in an area some call “South of the River.” This community is just a 25 mile (30 min) drive to downtown Minneapolis. Based … [read more]

Get to Know 2016 MAAR President, Judy Shields Judy was recently inducted as the 2016 MAAR President. She is excited to be president and is ready to represent the real estate community and govern the association. We wanted everyone to get a chance to get to know Judy a little better so we set up an interview … [read more]

List Prices Reach New Record High as Buyer Activity Remains Strong The year got off to a mostly strong start with buyer activity and home prices rising even though seller activity was lackluster. Pending sales rose 3.5 percent to 3,033 signed contracts; new listings decreased 7.2 percent to 4,167 homes. In light of that, it’s … [read more]

Ericsson lies in the northeastern quadrant of the Nokomis Community. The majority of Minnehaha Creek between the falls and the western edge of Hiawatha Golf Course meanders through the Ericsson Neighborhood. The area is close to major regional parks such as Minnehaha, Hiawatha and Nokomis. It is well-served by light rail with easy access to … [read more]

Twin Cities Housing Market Has Most Closed Sales Since 2005 At a press conference today, REALTOR® associations reported that the Twin Cities Metropolitan Area had the best year in terms of the number of closed sales since 2005. Closed sales finished 2015 13.7% better than 2014, boasting 56,390 compared to 49,604 in 2014. The median … [read more]

Belle Plaine lies just south of the Minnesota River between Jordan and Blakely. It’s an area that was nearly 50.0% new construction back in 2005. Nowadays only about 5.0% of the city’s sales are new construction. In 2005, the under 1,500 square foot size segment was by far the most dominant. By the end of … [read more]

Windom Park is a lovely Northeast Minneapolis neighborhood bound by Lowry Ave NE to the north, New Brighton Blvd to the east, 18th Ave NE to the south and Central Ave to the west. Some may better recognize the neighborhood as the area just north of the Quarry, between the … [read more]

About 60 miles due west of Minneapolis along the South Fork of the Crow River lies the City of Hutchinson. With a current population of around 15,000 people as of the 2010 Census, the Hutchinson Family Singers are credited with founding the town in November of 1855. The area … [read more]

The Camden Community of Minneapolis is one of the city’s hidden gems. Sandwiched between 53rd Ave. to the north, Xerxes Ave. to the west, the river to the east and Lowry Ave. to the south, the area offers affordable and charming housing within very close proximity to Uptown, Northeast, Downtown, jobs, night life, dining, bike-pedways … [read more]

Bound by 110 to the north, South Robert Trail to the East, 60th Street West to the south and Delaware Ave to the west, Sunfish Lake had a population of 521 as of the 2010 Census. The city’s stated goal is to maintain a rural atmosphere with large lot … [read more]

Abstract: There is no question we are in a rising interest rate environment. The Fed may begin to normalize rates starting in December 2015. Inflation has been low, jobs numbers have been strong, wage growth is accelerating, unemployment has fallen dramatically and the U.S. is one of the few bright spots in today’s global economy. … [read more]

Known to some locals as part of “The Greater East Side,” Payne-Phalen is a vibrant and diverse St. Paul neighborhood bound by 35E to the west, Larpenteur Ave to the north, the Bruce Vento trail to the east and East 7th or Phalen Blvd to the south. It’s close to downtown, shopping, regional trails and … [read more]

A popular and growing eastern suburb, Woodbury is the largest city in Washington County and sits less than 10 miles from downtown St. Paul. Although many residents work for 3M in nearby Maplewood, large Woodbury employers include Woodwinds Health Campus, Summit Orthopedics, The Hartford, Globe University and Target.com. An upscale, open-air mall also opened in … [read more]

Home to Target Field, several renowned restaurants and pubs and a glorious stretch of downtown riverfront, the North Loop is a highly desirable area. The story of the North Loop is the story of a downtown neighborhood steeped in history and rooted in industry that has survived the condominium boom and housing bubble to transition … [read more]

Originally incorporated in 1886, St. Louis Park gets its namesake from Minneapolis and St. Louis Railway that ran through the area. The word “park” was added to avoid confusion with St. Louis, Missouri. The population doubled between 1920 and 1930 to just under 5,000 people. Home building increased in the 1930s to meet the pent-up … [read more]

The West Side is a St. Paul neighborhood south of downtown, bound by the river to the north, east and west and by Annapolis Street to the south. The West Side includes the St. Paul Airport (not to be confused with MSP International). It was also the site of a very close election for Dave … [read more]

The City of Anoka is known as the “Halloween Capital of the World,” since it hosted one of the first Halloween parades in 1920. Every year there are several parades to celebrate candy (and good vibes). Aside from Butterfingers, pumpkins, costumes and parades, the city also hosts a station along the Northstar Commuter Rail with … [read more]

Minneapolis, Minnesota (October 19, 2015) – Minneapolis Area Association of REALTORS® (MAAR) volunteers came together to build a playground in Whittier Park─a one-day project─on October 16. The project funding came directly from REALTOR® contributions through the MAAR Foundation. Below are a few of the before and after photos. This was in fact, the playground beforehand. … [read more]

After an impressive summer, Twin Cities home sales continued at a 10-year record pace in September. Most indicators are beginning to show month-to-month moderation although year-over-year comparisons remain positive. The number of closed sales rose 12.0 percent to 5,114 homes. Fewer sellers listed their properties than last September, as new listings decreased 6.9 percent to … [read more]

Bound by I-394 to the south (for the most part), MN-169 to the west, 26th Avenue N. to the north and Xerxes Avenue N. to the east, Golden Valley is home to major regional assets like Cargill, General Mills and Pentair. Residents enjoy access to transportation networks, green space and a quick commute downtown. At … [read more]

There’s no shortage of ways to measure housing market performance. If home prices are your favorite barometer of market vitality, we encourage you to check out absorption rates, percent of list price received and days on market as well. But there’s also no shortage of ways just to measure home prices. Here at MAAR, we … [read more]

INTERVIEW: Nicole Knuckles of Wells Fargo Home Mortgage 1. Give us the background story on Wells Fargo Home Mortgage (WFHM)? Wells Fargo Home Mortgage is the nation’s leading originator and servicer of residential mortgages. With 164 years of home lending experience, we get how emotional the connection to a home is for our customers. For two-thirds … [read more]

What a summer it has been. Home sales reached 10-year highs, prices continued to rise but at a more sustainable pace and interest rates and job growth have both been favorable. With housing, the labor market and the broader economy all performing relatively well, the Federal Reserve seems committed to lifting their key rate off … [read more]

Most of us have heard some variation of the phrase “correlation does not imply causation.” To borrow a popular example, almost every time it rains, you see umbrellas. Do umbrellas cause the rain to fall? Or does the rain cause umbrellas to open? The answer is neither. But that doesn’t mean that there isn’t a … [read more]

The Howe neighborhood is a flourishing area in the Longfellow Community of Minneapolis. With tremendous access to the river, biking and walking trails, light rail, dining, theater, night life and other resources, it’s no wonder prices in this area have recovered off their lows and have been quite stable for the past year. The median … [read more]

Forming a “T” just north and almost perfectly in between the two core cities lies Falcon Heights. Perhaps best known for the state fairgrounds (how timely!) and the University of Minnesota St. Paul campus, Falcon Heights is also home to about 5,500 Twin Citizens—many of whom earn some extra income by renting out their driveways … [read more]

It’s great to see the North Minneapolis housing market in the news. The Star Tribune ran an article on North Side home values using City of Minneapolis Assessor data. We feel compelled to add some context and nuance to the conversation using MLS data. According to that data, rising home prices on the North Side are not a new phenomenon. Since home … [read more]

Last night, the City Council of Crystal, MN voted to repeal its Point of Sale Inspection Ordinance. The vote came after a months-long examination of the process by councilmembers and city staff, with considerable input from Crystal residents and real estate professionals. This was a truly organic action, initiated by the Council as a result … [read more]

“Accept certain inalienable truths: Prices will rise. Politicians will philander. You, too, will get old. And when you do, you’ll fantasize that when you were young, prices were reasonable, politicians were noble and children respected their elders.” – Mary Schmich We hear a lot about … [read more]

Minneapolis, Minnesota (August 13, 2015) – After purchase demand reached a 10-year record high in June, the Twin Cities metropolitan housing market continued to delight in July. With the spring and summer peak buying season coming to a close, activity levels should begin to cool month-to-month, though most indicators should continue to show year-over-year improvement. … [read more]

Coon Rapids is the largest city in Anoka County, the seventh largest suburb in the metro and the thirteenth largest city in Minnesota. Compared to three other similar cities that border it, Coon Rapids is the most affordable based on median sales price. The city’s $171,000 median sales price over the last 12 months is … [read more]

1) What are the community and neighborhood boundaries used in the Local Market Updates, the Annual Report and Infosparks? The community and neighborhood boundaries used in MAAR’s reporting environment reflect official, council-adopted boundaries. The Minneapolis City Council adopted and approved its current boundaries in January 2006. The St. Paul City Council officially adopted its current … [read more]

Though not quite as often as the most expensive areas, we are also occasionally asked which cities are the most affordable (least expensive). Below are tables showing the 25 lowest priced markets in the region. The top two tables rank all areas, regardless of market size. The bottom two tables only show areas with a certain … [read more]

Whether it’s a Wild game, a Saints game, the Winter Carnival, a trip to the Science Museum or Mickey’s hash browns, St. Paul has something for everyone. With a flurry of public and private investments in downtown St. Paul, it’s a good time for a market update on the slightly quieter central business district. Though … [read more]

We are often asked “Which cities have the highest home prices?” Whether it’s a member, the media or the general public inquiring, it’s a fairly common question. Wonder no more! Below are tables showing the top 25 highest priced markets in the region. The top two tables rank all areas, regardless of market size. The bottom … [read more]

Incorporated in 1900, Deephaven covers 2.3 square miles roughly 20 miles west of Minneapolis. Bordering Minnetonka, which borders Edina, which borders Minneapolis, Deephaven isn’t too terribly far out into the hinterland. Most of the homes in the city are priced above the metropolitan median—by a factor of nearly three times. The Deephaven median sales price … [read more]

MAAR is looking for a customer services oriented representative with a positive, friendly personality to service members whether in person, by phone or through written or electronic communication. The Membership Services Representative position includes but is not limited to the ability to accomplish the following: • Provide an enhanced communication and customer service experience to MAAR … [read more]

Following the ebbs and flows of the housing market itself, the mortgage finance marketplace has also transformed over the last decade. First, some scene setting. Each trendline above represents the percentage of closed sales in the Twin Cities 13-County MSA that utilized a particular form of mortgage financing, by … [read more]

Bordering a multitude of cities including Minneapolis, Fridley was first incorporated in 1949. It was originally settled around the time of the construction of the Red River Ox Cart trail in 1844, which traveled along what is now East River Road. Today, Fridley is home to several large-scale regional employers including Medtronic, Cummins and Target. … [read more]

Pending and Closed Sales Both Reach Highest Level Since June 2005 The Twin Cities metropolitan housing market reached key milestones in June. Both pending purchase demand and closed unit sales officially reached 10-year highs. The last time demand was this strong was June 2005. The number of signed purchase agreements rose 19.2 percent to 6,266. … [read more]

Using the price per square foot measure, downtown Minneapolis condo prices surpassed their February 2007 peak of $252 per square foot in November 2014. By February 2015, the figure climbed to $256 per foot. As of June 2015, the number drifted down to $250 per foot. Though it’s early to jump to conclusions, this trend is … [read more]

Neatly nestled near the southwestern most corner of Minneapolis, Kenny is a thriving and vibrant neighborhood of about 3,500 souls and 1,700 homes. Price trends in Kenny tend to mimic the rest of Southwest Minneapolis, but don’t necessarily resemble the pattern in Minneapolis nor the Twin Cities region as a whole (simply click on … [read more]

Real estate professionals understand that there is an imbalance between supply and demand in most markets across the U.S. Buyers have been highly motivated by a variety of factors ranging from low (but rising) interest rates, job growth, rising rents, general optimism and … [read more]

Drive about six miles due north on I-35E from downtown St. Paul and you’ll find yourself in Little Canada. It’s a city with just over 10,000 souls. It’s sandwiched between St. Paul, Roseville, Vadnais Heights and the oddly-shaped Maplewood. Despite dipping below both geographies in mid-2010 through late-2011, the Little Canada median sales price of … [read more]

Comparing square footage trends in the new construction and previously owned segments New construction prices not only recovered far faster than previously owned prices, but they have also reached an all-time high (see chart). The median sales price for new construction was about $268,000 in 2009 but has since soared to new highs of just over $376,000. … [read more]

Though perhaps most notably the title of the lead single in Prince’s third album, Dirty Mind, Uptown is one of the premier cultural centers of the Twin Cities region. It is a true activity hub that lures all sorts of people by blending the arts, retail, nightlife, dining, events, transit and transportation, relatively high-density housing … [read more]

After nearly 10 years, home prices are within 6.3 percent of their record high seen in June 2006. We have been here before, but we are in a different environment these days. The labor market has benefited from the longest stretch of private job growth on record, the stock market is at all-time highs, corporate balance sheets have seldom … [read more]

Median Home Price Just Shy of Record High Amidst Strongest Demand in a Decade With the sole exception of inventory, every market metric showed continued improvement during May. The number of signed purchase agreements in the 13-county Twin Cities increased 19.5 percent to 6,228. That marks the highest May pending sales count since 2005. Sellers, … [read more]

Mushrooming from a population of 500 people in 1911 to over 30,000 today, Brooklyn Center was one of the original inner-ring suburbs of Minneapolis. The term mushrooming is less a throwback to the 1960s and 1970s as much as a nod to the city that really started as an agricultural community feeding the growing numbers … [read more]

Jean Leake, a member of the Minneapolis Area Association of REALTORS® (MAAR) was instrumental in developing new initiatives for MAAR’s Equal Opportunity Committee now named the MAAR Diversity Committee. She also established MAAR’s Minority REALTORS® Group and the Minority Dues Assistance program. In Jean’s honor, MAAR renamed one of its scholarships the Jean Leake Scholarship. … [read more]

“the trend is your friend.” We don’t know who said it, or when. But we believe the spirit of that statement is to ignore the micro fluctuations in the data and focus on the overall, macro-level pattern. Let the trend speak to you. Ignore the noise in between. The noise is only there to confuse you. Actually, … [read more]

It has been said that Grand Old Days is the largest one-day street festival in the country. It may just be the biggest one-day street fair in the Midwest—the data on these things is spotty. Either way, with this monumental event right around the corner, it’s a good time to showcase Summit Hill. Sometimes referred … [read more]

POTW – Roseville (first ring suburbs, St. Paul Suburbs, Ramsey County) Roseville is an inner-ring St. Paul suburb located in Ramsey County. It is conveniently located close to shopping, dining, transit, jobs and nightlife. Homes tend to be of high quality but remain affordable for most families. The median sales price for existing homes in … [read more]

Despite all its well-deserved glory and quirkiness, Loring Park isn’t the only park at the downtown neighborhood spring social. Elliot Park also boasts beautiful skyline views, walkable neighborhoods and a range of vibrant living opportunities right in the heart of downtown Minneapolis. Given the unprecedented amount of public and private investment capital pouring into Downtown … [read more]

April Pending Sales Highest for Any Month Since June 2005 The number of signed purchase agreements in the 13-county Twin Cities region reached a 10-year high for the month of April. The figure came up just shy of reaching a 10-year record high for any month. Buyers wrote 6,329 offers to purchase homes, a 26.0 … [read more]

POTW – Chanhassen Located near the beautiful Minnesota landscape arboretum, Chanhassen is a popular and growing city in the southwest metro area. The median home price in Chanhassen (or “Chan” for locals) has been rather volatile considering the size of the market. New construction certainly plays into this volatility. So applying a previously owned filter … [read more]

We are eager to identify a dynamic association executive who is prepared to build upon the current successes of the association. The successful candidate will serve as the Association Executive Director of MAAR, oversee the Association’s operations and activities, advise and make recommendations to the Officers, Board of Directors and Executive Committee, administer and implement … [read more]

Part of the broader Longfellow Community of Minneapolis, the Cooper Neighborhood is bound by the Mississippi River, 34th St. E., 38th Ave. S. and 27th St. E. Cooper actually straddles both sides of East Lake Street. In early 2014, the median sales price in Cooper reached at least a 10-year high. Cooper prices have since … [read more]

Nestled between Eagan, Rosemount, Farmington, Lakeville and Burnsville, Apple Valley offers an attractive mix of high quality housing, top-notch schools, ease of access to major transportation networks as well as proximity to shopping and dining options. Home prices in Apple Valley—as the chart above illustrates—have lingered just above those of the metro area as a … [read more]

Now that you have been using your new Supra iBox BT you will have noticed a few changes, primarily receiving notifications of showings and feedback. You have the option of receiving all of these notifications or only certain notifications that you find valuable for your business, the choice is yours! To customized your notifications follow … [read more]

Due to Shared Associations Services and Information (SASI) participants being unable to reach a suitable vendor solution for providing shared data, the program will end April 30, 2015. We will continue to research options in hopes of resolving all issues related to the data share program. Following the termination of SASI’s technology vendor contract on … [read more]

Eagan has grown in popularity lately, partly due to its high quality schools, desirable homes and proximity to major job centers. Eagan is the 10th largest city in the state of Minnesota, with about 65,500 citizens calling it home. The median home price in Eagan only needs another 2.6 percent gain before prices … [read more]

Rent or buy? It is the question on the minds of many as we cast full sail into the selling season. Whilst stories are written about which cities and neighborhoods are better to rent or buy in, we can hang in the peace of a fairly stable market where there are good options available for … [read more]

March Pending Sales Soar by the Most Since 2011, Highest Since 2005 The number of signed purchase agreements in the 13-county Twin Cities region surged by 30.0 percent to 5,301 contracts. Sellers were also confident, as new listings increased 21.4 percent to 7,887 during the month. That is the largest increase in pending sales since … [read more]

Not to be confused with the City of Corcoran, Corcoran Neighborhood is bound by East Lake Street, East 36th Street, Hiawatha Avenue and and Cedar Avenue in the Powderhorn Community of South Minneapolis. Sitting just west of the Blue Line, Corcoran absorption rates are some of the lowest in the city. Looking at months supply … [read more]

Ever since Johnny Cash mentioned Chaska in the fourth verse of his November 1962 number one hit “I’ve Been Everywhere,” a wide array of folks have wanted to call the city home. Seriously. The city’s population nearly doubled between the 1960 and 1970 Census. That’s not entirely atypical of second or third ring suburbs at … [read more]

Have rents gone up enough to get renters to lean toward homeownership again? That’s the question of the moment. With mortgage rates remaining low, the time may be ripe for renters to invest in something beyond a 12-month lease as rental affordability is beginning to border on unaffordability. In the Twin Cities region, for the … [read more]

As many have noted, one of the biggest changes to the Twin Cities and national housing markets was the sudden influx and subsequent absorption of distressed properties. “Distressed” simply refers to any new listing, active listing or closed sale where the lender either owns the property (foreclosure) or the property was sold for less than … [read more]

Many residential real estate markets across the country and locally are in a fairly Inventory stable state of balance, causing most stories about housing to be conservative in nature with not much change to report. As the weather continues to warm up across the country, more sales are expected. In the Twin Cities region, for … [read more]

Though others claim the title, Marcy Holmes is likely the oldest neighborhood in Minneapolis. The town of St. Anthony Falls incorporated in 1855. By 1872, it had merged with Minneapolis after being rebranded as “St. Anthony.” With key regional assets such as the only natural falls on the Mississippi, the historic St. Anthony Main, the … [read more]

The Twin Cities housing market showed refreshed signs of strength last month, partly in anticipation of what looks to be a promising spring market as well as favorable interest rates. Buyer and seller activity surged in February. New listings increased 23.2 percent to 5,690 during the month, the largest year-over-year increase since July 2013. Pending … [read more]

Andover is a north metro city of about 32,000 people. Once a stop on the Great Northern Railway, the city was incorporated in 1974. The median home price in Andover is about 14% higher than it is in the metro as a whole. From the chart, it’s plain to see that this trend has persisted … [read more]

Across the country, some Fortune 500 companies have been raising their minimum wage. How does this correlate to the housing industry? Mo’ money = mo’ house-buying powerz. Coupled with the dismantled idea that aging millennials want to remain at home forever (because, come on, really?), the housing market is making inroads into two factors that … [read more]

Located in the heart of South Minneapolis, Bancroft is a great neighborhood in the Powderhorn Park Community. Over 80% of Bancroft structures were built before 1940 and are mostly owner-occupied. About a century ago, neighborhood residents could hop on the Bloomington or Cedar Avenue street car to head off to work at one of the … [read more]

Rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen … [read more]

Occupying a healthy chunk of the southern Lake Minnetonka Area, Shorewood is a lovely community just west of Minneapolis. It is adjacent to Tonka Bay, Excelsior and Greenwood. The median home price in Shorewood was $382,500, which is exactly the same as the Lake Minnetonka Area as a whole. Sales volumes have been gradually recovering … [read more]

The City of Eden Prairie approved the first reading of a Point of Sale Inspection Ordinance (page 82 of the linked document) on Tuesday, February 3. Eden Prairie argues that this program is necessary to head off future deterioration of homes. MAAR opposes Point of Sale Inspection Mandates, as they often are expensive yet incomplete reports … [read more]

Comfortably nestled in the southeast corner of the beautiful and historic Nokomis community, Morris Park is quintessential south Minneapolis. Smaller homes mostly built in the 1920s stand proudly on tree-lined streets. A mix of architectural styles add vibrancy, visual interest and historic significance. The airport is conveniently nearby and the neighborhood is served by not … [read more]

Nationally, housing starts are off to a good start in 2015, with new projects ahead of last year at this time. Before the confetti cannons come out, this doesn’t necessarily mean that sellers can start asking more and that buyers will immediately have more to choose from. But this does bode well for increased confidence … [read more]

The Twin Cities regional housing market started 2015 on an enthusiastic but not overly dramatic note. Both seller activity and pending buyer activity increased relative to January 2014. Sellers introduced 4,497 new listings to the marketplace, 5.9 percent more than last year. Buyers entered into 2,986 purchase agreements, 7.8 percent higher than the pending sales … [read more]

Edina is so well located, boasts such great schools and weaves together such an ideal balance of residential, green space, shopping and nightlife that a segment of home buyers gladly pay $450,000 for a 1,800 square foot post-war rambler and then immediately proceed to demolish it and build a $3.5 million 4-story mansion on a … [read more]

The U.S. economy continues on its journey upward. Not only have gas prices hit multi-year lows, but wages have experienced gains not seen since 2008. As the year picks up steam, and whether you hang out with the bears or bulls of market recovery prognostication (not Chicago sports teams), one cannot deny that the economy … [read more]

Kath Hammerseng Named 2015 Minneapolis Area REALTOR® of the Year A REALTOR® at Edina Realty, Kath Hammerseng, was honored in January as the 2015 Minneapolis Area Association of REALTORS® (MAAR) REALTOR® of the Year in recognition of her commitment to MAAR, the real estate community and the community at large.This prestigious award is MAAR’s way … [read more]

Northeast Minneapolis has a lot to brag about. Some call it “the next Uptown.” With its unique blend of the historic with the modern, the nightlife with the family-friendliness, the independent shop with the chain store, the burger joint with the Afghan pizza shop and the transit options with the freeway access, Northeast Minneapolis is … [read more]

Despite a reputation as the slightly sleepier twin city, St. Paul continues to attract people looking for safe and stable communities along with great housing options. It may lack the nightlife and energy of Minneapolis, but it makes up for that with a long-standing commitment to historic preservation. Let’s start with prices. St. Paul home … [read more]

We are eager to identify a dynamic association executive who is prepared to build upon the current successes of the association. The successful candidate will serve as the Association Executive Director of MAAR, oversee the Association’s operations and activities, advise and make recommendations to the Officers, Board of Directors and Executive Committee, administer and implement decisions … [read more]

Some call it Willard Hay, some call it Willard Homewood and some call it “home.” But REALTORS®, planners and policy-makers are calling it a terrific turnaround story and a great, affordable place to live. This northwest Minneapolis community is located south of West Broadway and extends from Penn to Xerxes. The above chart shows Willard … [read more]

Meg Chiodo | Royal Credit Union Royal Credit Union is an invaluable resource for Realtors® and homeowners and an excellent alternative to the big banks. Founded in 1964 as the “Realtors Credit Union,” its coverage area includes Western Wisconsin and the 12-county metro area in Minnesota. Edina Branch located at 4450 W. 76th Street Meg … [read more]

The word Minnetonka translates from the Dakota “mni tanka,” meaning “great water.” Nevermind the fact that the Twin Cities boasts some of the cleanest tap water in the nation, we’re talking about the vast, celebrated and grand connotations of great. Home to Cargill—the nation’s largest privately-owned company—and United Healthcare—the state’s largest publicly owned company—Minnetonka is … [read more]

It is typically during the final weeks of a calendar year when residential real estate activity hits its seasonal lows, even when some year-over-year comparisons show progress. Don’t be fooled by this time of year. Buyers and sellers are preparing for promising spring and summer markets. Of late, the spring market tends to get hopping … [read more]

Even though interest rates remain low, there is talk of homeownership numbers being at 20-year lows. Tight lending restrictions may be partly to blame for the dip in the number of people flocking to buy a home. A turnover of the trend could be possible in the new year, but during the weeks surrounding the … [read more]

With a name that might lead some to believe the land was won during a high-stakes poker game, St. Paul’s Dayton’s Bluff neighborhood contains the burial sites of one of the earliest known groups to settle the Twin Cities area over 1,000 years ago. Proximity to Phalen Creek provided the hydro-power needed to fuel industrial … [read more]

We have reached the time of year when year-to-date and rolling 12-month time calculations become especially reliable. Buyer and seller activity continues at a decent clip, though generally lower than the spring and summer selling seasons. With the price of gasoline where it is, holiday spending should be strong, which benefits the economy and is, … [read more]

Pick of the Week – Bloomington (E Pluribus Unum) Out of many, one. We know what you’re thinking: we got our calendar mixed up. No, we don’t think it’s the 4th of July. We just can’t help but note the fascinating convergence of absorption rates across both sides of Bloomington as well as with the … [read more]

The principal broker/owner of RNR Realty International, REALTOR® Nene Matey-Keke, was honored as the 2014 Minneapolis Area Association of REALTORS® (MAAR) REALTOR® of the Year in recognition of his commitment to MAAR, the real estate community and the community at large. This prestigious award is MAAR’s way of showing appreciation to members for their volunteerism … [read more]

Trendsetters in economic analysis have lately been choosing comparative figures between the present and 2007 as the must-have items of the season. Comparing recent data on unemployment, spending habits and housing starts to the vintage days of 2007 are opening up the conversation of the economy’s future. Recovery is in style and may even continue … [read more]

Recovery Plows Forward as New Condo Prices Reach Fresh Highs The Twin Cities regional housing market continued to make strides toward recovery in November, even as some measures appear to show unfavorable movement. Pending sales, or the number of signed purchase agreements, fell 7.5 percent in November compared to last year. New listings decreased 12.8 … [read more]

No good news goes unpunished. As the economy churned out more than 320,000 private jobs in November, some say the Federal Reserve is that much more likely to stick to the plan of raising rates by mid-2015. The truth is that the U.S. is on track for the strongest yearly job growth since 1999. That … [read more]

Seward is another thriving Minneapolis neighborhood in close proximity to downtown and the University. A diverse selection of dining, nightlife, shopping and housing are attractive to a wide array of students, young professionals, families and retirees. Prices are generally affordable for being that close in. Single family home prices have more or less recovered fully … [read more]

As anyone who lives or works in Minneapolis will tell you, there is a significant building boom in the city. But the construction resurgence is especially evident downtown. MPR has picked up on it and so has the Star Tribune and others. A variety of new all-time records have been reached just in the past … [read more]

Amidst frantic shopping for all the things between turkey and toys, the economy has made a surprising statement, offering big gains over the last six months not seen since mid-2003. As we head into the final stretch of the fourth quarter, mortgage rates remain fairly stable, with the 30-year fixed rate mortgage still hovering below … [read more]

As some nearby residents (and local geography enthusiasts) may know, there are actually two Lowry Hill neighborhoods in Minneapolis. Yes, they are close to one another. No, they are not the same thing. For details, check out the Calhoun-Isle Community on this map and look at the right side near Loring Park. Lowry Hill East … [read more]

Consumers are already starting to lean toward 2015, so let’s look ahead ourselves before we hit the weekly tabulations. With virtually no inflation to speak of, interest rates should remain low for the foreseeable future but could flirt with 5.0 percent toward the end of next year. Both new and existing inventory levels should rise … [read more]

Located about 20 miles west-southwest of downtown Minneapolis, Excelsior is home to roughly 2,200 souls. Once home to such historic attractions as the Excelsior Amusement Park (now occupied by condos and restaurants), the passenger steamboat called “Minnehaha” that shuttled citizens between Excelsior and Wayzata on Lake Minnetonka and the current home to two heritage streetcar … [read more]

As fall finally goes dim, winter emerges as the prevailing wind through the marketplace. While optimism serves as a white rose through this phase, moderate unemployment rates have given pause to overabundant optimism. All the same, the desire for homeownership remains high among those willing to absorb some risk while attracting enthusiasm. In the Twin … [read more]

In 1886, former US Senator and milling and lumber tycoon William Washburn bought up about 200 acres of what was then farmland near Minnehaha Creek for an upscale residential development to be known as Washburn Park. Development delays along with an uncooperative economic climate eventually forced a sale of the property. Mostly Tudor and Colonial … [read more]

As many markets begin to prepare for colder weather or festive family gatherings, a familiar seasonal slowing will begin to creep into the weekly numbers. Yet housing activity can be expected to float along at a seasonally healthy pace like a fallen leaf on a lazy river. With no big, negative economic news on the … [read more]

A stone’s throw from the Minnesota River, a national wildlife refuge and the Renaissance Festival grounds, the City of Carver offers quality amenities and is also conveniently located near transportation networks for easy access to the entire metro. It’s a relatively small community, with only about seven or eight residential sales per month. Despite limited … [read more]

In the buildup of anticipation for the season of pumpkin carving, caramel apple eating and haunted house touring, it came out that one number was spookily down. Homeownership is at its lowest point in 20 years and has been steadily dropping since the housing bubble years from 2004 to 2006. Interestingly, we are now at … [read more]

Home to the longest stretch of Victorian architecture in the U.S., a nationally-recognized Grand Avenue commercial corridor featuring the largest single-day festival in the Midwest and several internationally-acclaimed colleges and universities, Macalester-Groveland has plenty to brag about. Mature trees line the vibrant street scene in front of the historic Queen Annes, Craftsman Bungalows and Colonial … [read more]

Rising home prices and continued housing stability continue to lure new listings and keep inventory at a comfortable level. Although things like student debt and lethargic wage growth may provide some obstacles for first-time home buyers, those on the hunt for homes are still graced by relatively low inflation and low mortgage rates. The seasonal … [read more]

Emerson Electric (NYSE: EMR) recently announced a $110 million expansion project in the southwest suburbs of the Twin Cities, in and around Eden Prairie. Emerson manufactures industrial gauges and wireless monitoring systems, many of which are used in the booming oil fields of North Dakota and elsewhere. Minneapolis-St. Paul has long been known as a … [read more]

As we turn toward the final and typically quietest quarter of the year, it is easy to wonder if we are destined to lose the stability that we have worked hard for throughout the U.S. However, gloomy considerations are readily put aside after considering a recent investigation by the International Monetary Fund into the real … [read more]

For the month of September 2014, inventory in the 13-county Minneapolis–St. Paul metropolitan area rose 8.2 percent from last year, and it was the seventh month in a row of year-over-year inventory gains. Consumers now have 18,250 homes from which to choose. Sellers were more motivated to sell this year, as evidenced by new listing … [read more]

The famous site of the final act of the city’s May Day parade, the Powderhorn Community of Minneapolis is a thriving community of medium-density residential and commercial land uses that was mostly built between 1900 and 1920. It includes parts of the Lyn-Lake business district as well as a treasure trove of interesting restaurants and … [read more]

As the sixth largest city in Minnesota according to the US Census, Brooklyn Park has a storied past and a bright future. Whether it’s our beloved Kirby Puckett (RIP), the above-average Garrison Keillor or Jesse “The Great” Ventura, Brooklyn Park has touched the lives of several of Minnesota’s better-known characters. Just about 10 miles northwest … [read more]

Like many other neighborhoods in the Calhoun-Isle community and nearby Southwest community, the Bryn Mawr neighborhood is experiencing robust price recovery. In fact, according to the median sales price, Bryn Mawr prices are at all-time highs. The median home price reached $361,250 in August, which is a substantial 19.4 percent higher than August 2013. … [read more]

As September deepens, a certain level of seasonal housing market cooling is bound to occur, but year-over-year trends do not seem poised to offend. Overheated and undercooked markets might make pretty for media outlets, yet a balanced market is the best friend of the buyer, the seller and, frankly, the real estate practitioner. Seasonal dips … [read more]

The City of St. Anthony might just be one of the most unique and historic cities in the metro. Two-thirds of the city is located in Hennepin County while the remaining one-third is located in Ramsey County. Despite being just 2.35 square miles total, St. Anthony’s historical importance towers over many larger cities. Originally part … [read more]

Inventory in the 13-county Minneapolis-St. Paul metropolitan area is up 8.7 percent from last year. August was only the sixth month of year-over-year inventory gains. Consumers now have 18,205 homes from which to choose. New listings were flat, increasing just 0.1 percent to 6,958, while market-wide pending sales decreased 7.0 percent to 4,802. Overall closed … [read more]

“If you’re looking for a great housing value in Minneapolis, look no further than the Northside,” said former Minneapolis Mayor R.T. Rybak. Take Near North—a neighborhood on the city’s Northside with a good mix of residential and commercial land uses within close proximity of downtown. Those looking to purchase in Near North can expect to … [read more]

Many REALTORS® will be running to Richfield next month, but not for showings. Not that there aren’t a lot of nice homes to show, there are. And some will be running there for showings, but many REALTORS® will also be running a Realtors 5k Run/Walk to benefit the Project for Pride Living. Since so many real … [read more]

As summer begins to wane, the total number of home sales will gradually drop like the leaves of fall. And although autumn is nearing, that doesn’t necessarily mean that the changing of the season will bring market chills. Because even as sales drop, sales prices are still mostly on the rise and inventory is stabilizing … [read more]

Don’t believe that all real estate is local? You’ve come to the right place. Don’t believe that you need to assess market performance at the neighborhood level? You’ve also come to the right place. Highland Park lies within Saint Paul which lies within Ramsey County which lies within the Twin Cities. While home prices in … [read more]

Recent data would suggest that inflation is mostly under control, which hopefully indicates that the Federal Reserve will have enough room to comfortably maintain its accommodative monetary policy stance. So rather than losing momentum, the housing market has found even sturdier ground upon which it can sustain itself. With economic strength and increased consumer confidence, … [read more]

On a national level, home prices have dipped slightly. Instead of freaking out about this on 24-hour cable news channels, analysts are happy to see more sustainable trends settling into the U.S. housing market. With slower, healthier price growth, homeowners will have the opportunity to steadily build equity while buyers won’t be priced out of … [read more]

Affordability Flat as Buyers Enjoy Highest Inventory Level in Two Years Inventory in the 13-county Minneapolis-St. Paul metropolitan area is up 9.0 percent compared to last year at this time to 18,227 homes. New listings were up 9.8 percent to 8,015, while pending sales declined 3.4 percent to 5,145. Closed sales were down … [read more]

When assessing market health, it’s important to dig beyond macro-level supply and demand trends. It’s crucial to look at market share. What is market share? It’s perhaps best illustrated by example. If 100,000 cell phones were sold today, and 40,000 of them were Apple iPhones, then Apple has 40% market share in the cell phone … [read more]

The past two years of recovery have defied the initial expectations of many. Some portions of the market are starting to experience a bit of a slowdown, which may be due to seasonal unpredictability, lack of inventory, inability to obtain proper financing under tighter regulations or other factors. As long as good data is available … [read more]

Take a leisurely drive straight down 35W south—traffic and construction permitting—and you’ll soon arrive in sunny Lakeville. It may feel like a long commute for downtown workers, but many metro cities are even further out. According to the Builders Association of the Twin Cities (BATC), Lakeville led the metro in 2014 year-to-date building permits issued. … [read more]

Like a broken digital music player, analysts continue to skip to housing market stability. Although residential real estate activity may not have the same pep as last year’s summer hits, sales are still fancy enough to attract fresh sellers. New listings are up in certain submarkets, which is a needed thing for continued optimism. The … [read more]

Much like the trunks of these magnificent African elephants, new construction and previously-owned market share have also become intertwined when it comes to active listings in the Linden Hills neighborhood. This is partly the child of the new construction boom happening across several neighborhoods in Southwest Minneapolis. In fact, there was so much demolition and … [read more]

Finding the truth behind housing statistics is like debating the best beer for summertime. On the beer side, you might pick an American wheat, Belgian white, shandy, Kolsch, cider or maybe a Coors Light if you’re into the pickup truck and dirt road scene. On the housing side, you might say we’re too heavy toward … [read more]

Whether it’s the Hopkins Raspberry Festival or Prince’s “Raspberry Beret,” Minnesota summers always bring out the best of the season’s tastes and sounds. Speaking of Hopkins and of summer, the peak home-buying season has brought renewed demand for homes in this desirable inner-ring suburb. Just minutes from uptown and a bit further to downtown, Hopkins … [read more]

We are within one of the most affordable home-buying environments in history, but prices are up and rates may well go up, too. Rising prices provide empirical evidence of healthy demand. If inventory is able to replenish itself over the course of the next several months, sales could break up the sluggishness seen in some … [read more]

Ahh, the story of Cambridge. Gather ‘round, ye lads and lasses. ‘Tis story time. ‘Twas a cold winter eve many fort nights ago… Just kidding. We’re talking about Cambridge, MN—the far northern suburb of the Twin Cities. Though it’s hard to tell from some indicators, Cambridge was unfashionably late to the housing recovery. How … [read more]

Pending sales are back and ready to rumble along with their trusty comrade, inventory. After a slower start to the year, the numbers are rallying for a comeback. However, one number not rising is the number of people filing for unemployment. According to the U.S. Department of Labor, jobless applications continued their downward trend. This … [read more]

In June, for a fourth month in a row, homeowners in the 13-county Minneapolis-St. Paul metropolitan area listed more properties for sale than the same month the year prior. New listings rose 8.9 percent to 8,315 homes. That’s uptempo music to the ears of buyers eager to find a property that suits their needs. Pending … [read more]

Has the North Loop lost its mojo? Despite a recent light rail extension, a multi-modal transportation hub, a new(ish) ball park and top-notch dining, some say the development energy has shifted elsewhere downtown. Established North Loop condo and townhome developments continue to thrive, but where are the builders? Has developer interest shifted towards the Mill … [read more]

Was the entirety of the U.S. fixated on footy while the Americans still had a shot? Maybe for 90 minutes here and there, but the distraction of quadrennial global sports entertainment is not enough to affect weekly sales activity in a country more in line with the Super Bowl than the World Cup. More accurate … [read more]

With Taste of Minnesota moved to Waconia due to flooding, perhaps it’s a good opportunity to offer up a taste of the Waconia housing market. Inventory has been in the spotlight lately, so let’s look at the number of active listings in Waconia. Overall inventory levels have increased 5.7% from last year. It’s important to … [read more]

The season of backyard grilling, outdoor festivals and extended family vacations is upon us. Those who are already safely tucked in an owned home are not likely thinking much about the housing market, but those who are fixing to buy or sell are living it daily. Not enough inventory or not enough money offered for … [read more]

With Minnehaha Creek at its highest level ever from the heavy rainfall, the Hiawatha neighborhood in the Longfellow Community of Minneapolis is a tad soggy these days, but still a tremendous place to call home. The below charts clearly show new listing activity shifting away from foreclosed and short sale properties and back toward the … [read more]

Some economists do not believe that housing has established enough upward momentum to warrant a declaration of recovery, yet many market analysts are observing the rule of The Tortoise and the Hare. Fast, energetic upward spikes in sales may be exciting, but slow and steady wins the race. This phase of stabilization will likely show … [read more]

Price growth. It has been the result of low inventory in the market these days, and it would appear that the duration of the summer market will continue to see an increase in year-over-year median sales price. If inventory makes a significant leap, perhaps we'll see a different sort of impact on housing prices. Until … [read more]

With a May 2014 median sales price within $500 of the broader Twin Cities metro, it’s tempting to think that Shakopee is a typical poster child for the metro. It’s anything but. According to the Metropolitan Council and the Census, Shakopee nearly doubled its population between 2000 and 2010. It’s one of the fastest growing … [read more]

House hunters in the 13-county Twin Cities metropolitan area are finally getting more to choose from. Inventory levels were up 6.1 percent to 16,368 homes for sale in May 2014. This comes as new listings were up 3.0 percent to 8,572 and pending sales were down 9.0 percent to 5,260. Even though overall buyer demand … [read more]

This week we are keeping the spotlight on inventory. With the Green Line (FKA “Central Corridor”) opening this Saturday, Prospect Park and other University Avenue neighborhoods are surrounded by new sights, sounds and opportunities. Some of those new sights and opportunities include more homes for sale on the market. In fact, while metro-wide inventory levels … [read more]

“So how’s the market?” Some agents are asked this every day. The answers can range from “good” and “favorable” all the way to “historically affordable” and “my seller sold their house in 4 hours”. Perhaps the best answer is “It depends.” On what, you ask? Market performance is dependent upon many things, including but not … [read more]

Higher prices gave sellers reason for optimism in early 2014. As prices stabilize, some are sensing the formation of a counter-trend. Silly rabbits. Price alone does not determine the state of the housing market. Number of sales by housing segment, the types of households being formed and the availability of well-paying jobs all play important … [read more]

Market normalization and an improved product mix is presented as housing weakness by some. However, price increases, demand and an improving national economic scene paint a brighter housing landscape. According to the Mortgage Bankers Association, total week-over-week mortgage application volume rose 5.3 percent on a seasonally adjusted basis. The trends for the drivers of new … [read more]

Home sales in the 13-county Minneapolis–St. Paul metropolitan area have appeared lackluster of late on the surface, but if you turn the dirt, you'll see more intriguing colors in the flowering market mix. Overall closed sales were down 11.9 percent to 3,806 for April 2014, but traditional sales were actually up 1.4 percent. The total … [read more]

There have already been a few items to watch in the burgeoning spring market, particularly around price, sales and inventory. Median sales prices are on the rise while sales have been a wee bit stubborn emerging from winter hibernation. Meanwhile, more choices are still needed for eager buyers. There's still plenty of time for … [read more]

Science fairs, book swaps and spring sports have kept winter-weary minds off of what superficially appears to be a mixed beginning to what is typically a cheery second quarter. Most economists, however, believe that the coalescence of market normalization, an improving sales mix and good housing starts are all working behind the scenes to alleviate … [read more]

There's no dainty tiptoeing through the tulips this spring, as market flower fields are blooming with speculation. Sales and new listings are up, and hope for a fluorescent spring market is flourishing. An increase in inventory is the desire at this point in the season, as more properties for sale should nudge first-time home buyers … [read more]

April reporting brings hope as tulips and FOR SALE signs begin to brighten the housing landscape. Along with that hope is a little uncertainty about some regions' year-over-year sales and inventory figures. Fear not, however, because rates are still lower than most years in modern memory, there's proof of an improving mix of properties … [read more]

After being cooped up for a long, cold winter, homeowners in the 13-county Minneapolis-St. Paul metropolitan area showed renewed signs of optimism in March. Seller activity rose 5.5 percent to 6,492 newly listed homes, a crucial increase toward fueling buyer demand. Inventory levels are still hovering near a 10-year low, but consumers should have more … [read more]

As April encroaches and spring feels more official, so does the possibility of a brightened, exciting housing market. Even though some areas across the country have seen a pause in buyer activity, the fundamentals remain positive. Traditional home buyers are apt to bud like a spring mix of lavender, peonies and tulips. And home prices … [read more]

This spring, investors are expected to play a less dominant role since there are fewer attractive bargains to be had. This allows room for younger families and individuals fed up with rent hikes. The affordability picture has come down but remains attractive, pressured by rising but not fully recovered prices and slightly higher rates. Despite … [read more]

Spring is finally beginning to show its face after a long, cold winter in many parts of the country. Generally, housing activity is waking up as well. It's been a slow start to the selling season thus far, but many believe this has more to do with the weather and lack of inventory than it … [read more]

More daylight should help bring more hours of long-desired activity to the housing market. As the spring market dawns, sellers may see prices continue to rise and more homes should find their way to market. As long as the economy continues to gain momentum and mortgages remain low, previously underwater sellers and eager buyers should … [read more]

Minneapolis, Minnesota (March 12, 2014) – The 13-county Minneapolis-St. Paul metropolitan area housing market was negatively affected by the extreme winter. Inventory levels are also still hovering at a 10-year low, meaning consumers have far less product to purchase than in recent years. Another factor dragging down the headline numbers is the shift away from … [read more]

Early 2014 data is telling us that the trend is still one of improvement, albeit not at the speedy pace we'd prefer. Spring hasn't arrived yet and we'll have to weather a few more months of unpredictable weather before the sing-song tempo of May markets return. Although we await warmer days ahead, there's no need … [read more]

With the first days of February under our belts, it’s safe to say that housing has managed to weather the heart of winter with little issue. Although 2014 activity may appear sluggish compared to gangbuster 2013, housing has stabilized and should continue to find moderate footing. Look for some signs of inventory and sales activity … [read more]

Optimistic housing start stats encourage rumors that 2014 should be another year of recovering. Activity may not be volatile enough to garner bold headlines, which suits residential real estate markets just fine. The steady-as-she-goes pace and quietly consistent good news should bring out a few more previously underwater sellers to list their homes. Keep an … [read more]

Some say the big story of 2014 will be higher interest rates, some say it will be more inventory while others say it will be less foreclosure activity. The truth is likely to be an amalgamation of all of the above. The year 2013 was marked by variable but steady job growth, … [read more]

It's the time of year when housing statistics take a back seat to the resolve associated with a fresh calendar year. Diligent tracking of new listings and pending sales counts tends to give way to weight loss plans and personal financial planning. And you know what? That's just great! Spending some time focusing on … [read more]

Lower supply levels, strong demand and higher prices are among the encouraging developments in 2013 that brought about ongoing market recovery. Consumer purchase demand increased notably, reaching levels not seen since 2005. As the active supply of homes for sale fell to an 11-year low, absorption rates improved to levels not seen since before 2003. … [read more]

The 13-county Minneapolis-St. Paul metropolitan area housing market continued to settle itself in November. While some measures of housing demand may suggest a slowdown, most deceleration is the result of a healing lender-mediated (foreclosures and short sales) segment, which made up a smaller share of the residential pie compared to last year. For the first … [read more]

The calendar can sometimes have just as profound an effect on housing data as supply and demand. The 2013 Thanksgiving holiday was a week later than in 2012, causing some peculiar shifts in activity. This serves as a good reminder to watch for calendar oddities just as much as you do economic indicators. Even … [read more]

This week, and through the end of the year, you might be watching for much-needed inventory gains that will not arrive due to traditional end-of-year lulls in the marketplace related to holidays and/or colder weather. Nobody wants to sell at the bottom. In general, inventory pools are up in year-over-year comparisons in many areas, … [read more]

Fewer people are out scouting homes now that they're scouting the perfect bird for their Thanksgiving feast. Weekly and monthly seller and buyer activity may be slowing in comparison to last reporting period, but overall markets still show signs of stable recovery. By and large, expect the end of 2013 to look just as … [read more]

Minneapolis, Minnesota (November 12, 2013) – The Minneapolis-St. Paul metropolitan housing market continued along the path toward recovery in October. While some measures suggest a slowing in the pace of recovery, this deceleration is primarily the result of a healing distressed segment. Sellers felt more confident as new listings rose 15.1 percent to … [read more]

Nationally, we are starting to see some of the impact of the government shutdown on the housing market. Applications for government mortgage products dropped to the lowest level since 2007, according to a release from the Mortgage Banker's Association. This was while overall applications were up marginally. Most FHA lenders were able to process … [read more]

Home price gains and housing demand are still a year-over-year improvement, but activity is beginning to moderate as the seasons change. With the possibility of further rate and price increases, some buyers are still motivated, but urgency tends to wane when holiday decorations start going up. Recovery continues, but the pace is stabilizing. Yet … [read more]

Higher interest rates, rising prices and a budget standoff in Washington haven’t shaken consumer sentiment regarding housing. Buyers continue to riffle through existing inventory for options, keeping an eye out for new listings. A sense of normalcy is returning to the real estate ethos after more than a decade of extreme ups and downs. … [read more]

A pendulum spends little time in the middle. It tends to overswing center and hang out at the extreme before changing directions. Apply that to housing. Two or three years ago, almost no one would have foreshadowed concern over affordability, yet that's what some are cautioning against in an environment of rising prices and … [read more]

Twin Cities home buyers were unflustered by slightly higher interest rates in August as pending sales were up 10.9 percent to 5,244. Along with rising prices, increased sales activity is fueling housing demand, while buyers continue to watch inventory levels for more options. New listings rose 16.5 percent to 6,951, marking the fifth consecutive year-over-year … [read more]

Whether it's accommodative monetary policy, the promise of less shadowy shadow inventory or increased economic recovery, U.S. housing continues along a path of sustainable growth. Rising prices are drawing otherwisereluctant or previously underwater sellers. And buyers are grateful for any additional supply. Intervetion from the Fed may or may not be on the horizon. … [read more]

So far this summer, housing has achieved a soft, warm glow. If healing growth in the economy and labor markets persists, housing will be more than ready to weather tapering Fed activity – regardless of when it comes. Both local and national market indicators can't yet contradict any confidence in rising home prices or … [read more]

In the world of costs and benefits, no good deed goes unpunished and every rain cloud has a silver lining. The Commerce Department recently reported that consumer retail spending had risen the most in seven months. That bodes well for residential real estate – an industry sensitive to consumer confidence and spending levels. But … [read more]

The Twin Cities were once again buzzing with housing activity in July. Rising rents combined with still-favorable prices and mortgage rates have resulted in ongoing housing recovery. House hunters continue to eye seller activity for hints of additional inventory. New listings rose a healthy 24.6 percent, the second-largest gain since April 2010. Buyers have 15,671 … [read more]

Nationwide, local markets have become stable enough to withstand mortgage rate increases. Improving job and other economic sectors have fortified real, organic housing growth. Bargain-basement deals have given way to multiple offers, stiff bidding wars and lickety-split days on market. Inventory may still be thin, but traditional home sellers are stepping up to the … [read more]

Housing isn't just housing. That may have a strange ring to it. But housing includes building, inspecting, remodeling, lending, refinancing, furnishing and a host of other functions tied to the physical space of home. Each of these functions is tied to job growth and interest rates, and each has seen some spectacular highs and … [read more]

In light of a 14.2 percent increase in pending sales, Twin Cities home buyers seem unphased by recent mortgage rate increases. Even with rates around 4.5 percent, the housing stock remains highly affordable by historical comparison. In 25 of the past 26 months, there have been year-over-year gains in pending sales; and the metric is … [read more]

A fellow named Newton once said that a body in motion tends to stay in motion. Presently, the housing market is going to be in a state of anti-motion, otherwise known as inertia. Each year, the activity around Independence Day collides with market trends because the summer holiday season ends up being more about … [read more]

Consumer confidence, prices, sales and percent of list price received at sale are all generally on the ups. This has been a nice place to be for real estate practitioners. In terms of expecting the unexpected trends, economists suggest tuning into indicators such as jobs, stocks and Federal Reserve policy decisions. The keen industry … [read more]

Sellers are finally starting to catch up with strong buyer demand, but at the rate that homes are being snatched up, the influx of new listings will need to be more than a short-term addition. Rising home prices, fewer days on market and more homes being sold all support a positive public opinion about … [read more]

Interest rates are on the rise, but further increases should be incremental and gradual without harming housing demand. All the same, some buyers might feel an extra pinch to act soon if economic and jobs data continues on a path of improvement. Ultra-low rates will not remain the rule of the day if the … [read more]

Although buyers are still in the market for higher inventory levels, sellers remain happy with their multiple-offer situations and short days on the market. As the product mix shifts away from distressed properties and towards traditional sellers, the U.S. housing market finds itself in a place it hasn’t been in a while – healthfully … [read more]

Monitoring weekly data can feel like watching grass grow, especially during a busy sales environment. Most housing markets are at or near their seasonal activity apexes, so it can be difficult to remain interested in statistical lawn care. But paired with a broad perspective and overarching trends, weekly housing numbers can sharpen the keen … [read more]

You’re busy – planes to catch, open homes to see and little league games to coach. But in less time than it takes to lint roll a favorite set of slacks, you can catch up on the most up-to-date and local housing market trends. Don’t clutter your brain with big data that has muddled … [read more]

Housing data also encompasses economics, politics, sociology, geography, labor markets and more. Even the largest transaction most people will ever make is susceptible to the same kinds of market forces that affect clothing choices at your favorite department store, the cost of your vacation, public transportation projects and where the next Starbucks is placed (or … [read more]

Minneapolis, Minnesota (May 10, 2013)– The last time the median home price for the Twin Cities 13-county metropolitan area was higher than it was in April 2013 was September 2008, marking the 14th consecutive month of year-over-year price gains. New listings were up 7.7 percent over April 2012 to 7,057 properties, and signed purchase agreements … [read more]

Less supply, more demand and rising prices are being seen in residential markets across the nation. Although grumpy cats using national data sometimes grouse about the housing recovery's fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may … [read more]

Positive news about the housing market has permeated the headlines for several months now, and it's not just a case of less supply and more demand. It's also a function of product mix. When there is a transition from a 50 percent foreclosure market to a 25 percent foreclosure market, prices inevitably rise because there … [read more]

The unpredictable season of spring is here. Wily snowstorms, thunderous rain and summer-like heat waves strike across the U.S. It's a good thing that we can count on at least one thing – a steadily improving housing market. Even the few naysayers left can't ignore the cherry blossom blooms within the market metrics. So get … [read more]

Minneapolis, Minnesota (April 10, 2013) – The 13-county Twin Cities regional housing market has achieved several major accomplishments in recent months and March 2013 was no different. For a 13th consecutive month, homes sold at a higher median price than during the prior year. Additionally, the percentage of all new listings that were traditional, non-distressed … [read more]

The housing market continues to assert itself, often changing the hearts and minds of housing bears, skeptical politicians, curmudgeonly economists and buyers and sellers alike. Over the past six to eighteen months, we've seen real estate stabilize, turn around and even start to recover. But it can sometimes feel like a moving target. With diminished … [read more]

No one knows how accurate that February groundhog is, but by this time of year everyone is screaming of cabin fever. The spring market is in full swing, so keep your eyes on the prize and your mobile device in hand. Prepare yourself for seeing even more buyers buying, more sellers selling and lots of … [read more]

Most housing markets across the country are continuing to chug along toward recovery as the local market begins its first buds into spring mode. New listings and overall inventory have become the prominent indicators to watch, as demand for quality homes to buy is up. Agents in some areas are seeing the highest prices and … [read more]

With February's jobs data looking better than expected and inflation running well within the Fed's target range, mortgage rates ticked higher. It s not much,and this affordability environment is still hugely attractive, but it's just enough tonotice. Combined with low inventory, low rates have been a prominent motivationfor buyers. But sellers need the real encouragement … [read more]

Twin Cities homes sold for a higher median price than during the year prior for the 12th consecutive month. This is a significant milestone demonstrating a real and sustainable recovery. Several patterns continued from 2012: pending purchase activity was up, new and existing supply levels were down, prices were higher and distressed market activity eased. … [read more]

The prevailing trend continues to be more showings, more offers, higher prices and faster sales, with inventory becoming a growing problem — or rather, a shrinking problem. There aren't enough homes to choose from for hungry buyers eager to get in while the gettin' is good. Meanwhile, rents are on the rise and there is … [read more]

REALTORS® must sell. Whether it's themselves, a property or an offer, an integral part of the life is convincing other people of something. Clean clothes, shiny shoes, a tucked shirt, upright posture. That's just to get in the door. But it's not enough to walk the talk. Proving to be the real(TOR®) deal means you … [read more]

Here's an oldie but goodie: All Real Estate is Local. We've all heard it. It's why industry insiders don't pay much attention to national housing statistics. The national housing market is just an agglomeration of local housingmarkets. It's like saying there is a national garage sale market. They're all local. You don't grab an umbrella … [read more]

Transparency. We like it when our politicians, stock brokers and mechanics have it. But what about our housing markets? It's empowering to know that home sales were up 10.0 percent in your state, or that the average home sold for 250,000 in your city or that 20.0 percent of sales in your neighborhood were foreclosures. … [read more]

While we're all exercising more and eating better – at least for another week – the local housing market has upheld several important resolutions. Four patterns continued from 2012: buyer demand was up, new and existing supply levels were down, prices were higher and distressed market activity eased. There were 2,797 closed home sales in … [read more]

As we take our first gentle steps into the first year of predicted housing market improvement in many years, let's look at why we're feeling bullish. Affordability is high; coupled with historically low interest rates, people are ready to lay their money down. Inventory is generally down, creating more competition among those searching for homes. … [read more]

You can have data without information, but you cannot have information without data. In real estate, numbers aren't just numbers. Numbers tell consumers how much house they can afford. Numbers tell agents whether their customers are buying into appreciating or depreciating communities. Numbers forewarn against bubble inflation. They also offer insight into which way the … [read more]

The best real estate professionals leverage the power of data to deliver excellent value and real market understanding to customers. With the exceptional tools at their disposal, they can help buyers and sellers understand market trends and make important decisions. Real estate is "hot" again, even during the winter months, but nobody is predicting a … [read more]

The first full week of 2013 market data looks a lot like most of 2012 did. But let's go beyond the obvious. Consider this: Americans formed substantially more new households in 2012 than we built, which is partly responsible for the ongoing declines in active listings. Our population continues to expand from both natural reproduction … [read more]

With 2012 in the books, we're starting to see some 2013 activity trickle in. Watch for continuations of last year's trends: less inventory, strong buyer activity and firmer prices. It's hard to believe spring is just around the corner, but would-be spring sellers are noticing the changes that have taken place. It's a much less … [read more]

Decreased supply, strong demand and higher prices are among the encouraging developments in 2012 that make the case for continued recovery in 2013. Consumer purchase demand increased organically, absent any government incentives. As the active supply of homes for sale fell to 10-year lows, absorption rates improved to levels also not seen since 2003. Multi-decade … [read more]

The results are mostly in, and the evidence is overwhelming. Housing not only outperformed most other sectors of the economy, but for the first time in half a decade, there was meaningful market recovery in 2012. For 2013, a few things seem likely. Expect interest rates to remain low and rents to rise, which will … [read more]

While you're eating better and exercising more, also resolve to better understand the inner workings of your housing market. Data does not have to be daunting. Just from the existing trends, it's safe to expect to see more homes selling in less time for closer to list price. It also looks like the single-family detached … [read more]

As we celebrate with family and friends this holiday season, we can take comfort in the fact that housing markets across the country are reaching their own holiday milestones. Even though the trend is our friend, recovery can often feel piecemeal: fewer foreclosures here, improved absorption rates there and lower days on market over there. … [read more]

The chase to 2013 is on, and we are pleased by the prospects ahead. Given the upward progress of the 2012 housing market, many homeowners may find that their properties will be worth more next year. That's a nice change of pace for potential sellers, and for residential real estate as a whole, and is … [read more]

Despite the dramatic arrival of winter, the housing market has retained much of its summer heat. Three decisive trends continued through November: Buyer activity outperformed year-ago levels, inventory dropped and, for a ninth consecutive month, home prices rose compared to 2011. In simpler terms, more homes sold in less time at higher prices and for … [read more]

This year has brought sustained turnaround in a variety of areas and market segments. It's why many in the housing industry are optimistic about 2013. Attractive mortgage rates, affordable inventory and a healing jobs picture give reason to believe that year-over-year improvements will continue into and after the traditional holiday slowdown. In the Twin Cities … [read more]

Home buyers entered more contracts and homeowners listed more properties than during the same week of 2011. As a whole, 2012 is shaping up to be quite the pivotal year for housing. With 2013 right around the corner, the smart money is monitoring seller concessions, market times, absorption rates and, of course, home prices. The … [read more]

This year, there's a lot to be thankful for beyond the traditional holiday bird. Home buyers can be thankful for record-low mortgage rates. Sellers can be thankful for the possibility of getting more money in less listing time. Some homeowners are thankful for the housing recovery because it may alleviate underwater situations. Tryptophan doesn't seem … [read more]

Housing continues to be a bright spot in the national economy. Locally, we enjoyed more sales and additional seller activity. As prices firm up, some sellers will be lifted out of unenviable positions while others will receive a confidence booster. That's a good thing, since buyers at some price points are struggling to find inventory. … [read more]

1.3 million. That's how many Americans were reportedly lifted out of underwater mortgage situations this year from rising home prices, according to the Obama administration's October Housing Scorecard. There's more going on than meets the eye here. Rising prices also help restore tax base, decreasing the likelihood of tax increases later. National GDP even benefits. … [read more]

Housing recovery pushed forward during October. Just like most of this year, more homes sold in less time at higher prices and for closer to asking price than last year. During October, 4,483 homes went under contract, 34.0 percent higher than October 2011. There were 4,262 closed sales, a 15.1 percent increase over last year. … [read more]

Over the course of the year, we've cleverly devised new tactics each week to communicate just how far the market has come. This week is no exception. Most level-headed housing advocates agree that lower residential vacancy rates are a good thing. Well, chalk one up for level-headed housing advocates, because Reuters just reported that the … [read more]

The housing market is improving. But don't take our word for it. CoreLogic, Standard & Poor's, FHFA and the NAHB all closely monitor a diverse array of housing data and indicators. At some point over the past six months, every single one of these indices has either reached a multi-year high or has shown several … [read more]

Housing pessimism is as out of fashion nowadays as bell bottoms and shoulder pads. Those who are still fishing for that elusive "market bottom" have likely missed it in most areas. The major story continues to be tightened inventory and high buyer turnout. Homes should be selling faster and for closer to list price – … [read more]

In between days. The spring and summer selling seasons are well behind us, and the holiday slowdown is well ahead of us (except in some department stores). As the days grow shorter, housing numbers may not be as thrilling as they were in recent months, but the trends remain the same. Compared to last year, … [read more]

Local housing market recovery continues to roll forward in the Twin Cities 13-county metropolitan area. In September, more homes sold in less time at higher prices and for closer to asking price than last year. During the month, 4,032 homes went under contract, 11.0 percent higher than September 2011. The median sales price was up … [read more]

Some say that housing and the economy are woven together into a single garment of destiny. Let's review recent national economic data: a good September non-farm payroll report marking 31 consecutive months of private job growth, the unemployment rate falling to 7.8 percent (a 44-month low), a widely positive S&P/Case-Shiller home price report and mortgage … [read more]

With October just around the corner, 2012 has certainly flown by. The things to be watching for this fall are the same things you've likely been watching all year. Changes in sales levels, active listings, market times, seller concessions and, of course, home prices have taken center stage. To showcase just one, home prices may … [read more]

On September 13, the Federal Reserve announced its third round of quantitative easing (QE3). This time, it took the form of $40 billion in mortgage-backed securities (MBS) purchases each month. The goal is to bolster the stock market by diminishing returns on MBSs. This will make equities more attractive, which will provide capital to corporations, … [read more]

You fill the pot with the water and you turn the stovetop on and you wait. You watch it and you want something to happen and it seems to take an exceptionally long time. All you want to do is add the noodles or the white rice or the frozen vegetables. And you wait. Because … [read more]

For the past six months, nearly every housing market measure has indicated improvement. The Twin Cities housing recovery is gaining momentum. What's more, the recovery has shown signs of both depth (consistency and continuity) and breadth (improvement across numerous indicators). Below are a few statistics organized by topic that equate to market recovery. Numbers given … [read more]

Signals. They're everywhere. From the flow of traffic on Main Street to the movement of electrons inside a microchip, we take our cues from trusted indicators. Recently, housing data has been signaling increased momentum toward recovery. It doesn't really matter what signals you're watching either. From new starts, existing sales and prices to market times, … [read more]

We are converging upon an interesting wait-and-see season in residential real estate. All year long, we have witnessed some rather positive year-over-year decreases in inventory numbers and increases in sales, percent of original list price received at sale and median sales price. After many years of struggling to tread water – and, indeed, often failing … [read more]

Where residential real estate statistics are concerned, observers should be watching for overarching, macro-level trends rather than any one volatile, outlying week or month's worth of data. Thinking in a big-picture manner is beneficial in numerous ways. Consider this: Despite media coverage of dreaded shadow foreclosure inventory or a new rush to rent by former … [read more]

Do you hear that? It's the sound of carts shifting through the back-to-school aisles, filling quickly with notebooks and pencils and glue. It's the sound of teenagers shuffling through dorms and down storied lanes on their first college orientation. It's the sound of young professionals readying themselves for their first big job, freshly shorn and … [read more]

Let's admit it: It's been nice to have a year of positive headlines in the residential real estate industry. There have been more sales for more money in most markets across the country, and the foreclosure situation, although not entirely in the rearview mirror, has abated. We're now entering the months of 2012 that should … [read more]

Looking strictly at the numbers, 2012 has signified a market in recovery. Consumer confidence is a large component of this. Buyers have confidently been borrowing at historically low rates to purchase highly affordable inventory. Sellers have been more reluctant, mostly put off by weak price movement. That's driven housing supply levels down to nearly nine-year … [read more]

For decades now, the real estate industry has been both humbled and invigorated by the strong and direct relationship between the labor and housing markets. As goes the economy, seemingly so goes housing. That relationship was especially clear after the 2007 recession. The economy added 163,000 jobs in July, the highest figure since February. Our … [read more]

With the Olympics in full swing, many are noting that housing has already medaled in several arenas. Sellers waiting for firmer prices should take a fresh look at the data. Buyers nervous about a declining market should do the same. Key changes continue to take place that set the stage for a more meaningful recovery. … [read more]

It's been a relatively pleasant year for the business of residential real estate. Case in point, the June 2012 NAHB/Wells Fargo Housing Market Index (HMI) rose to its highest level since May 2007. And for the first time since 2005, housing is on track for being a net positive contributor to national GDP in 2012. … [read more]

With the second quarter now in the books, seasonal peaks and valleys should start to become apparent. Even if activity begins to slow for the remainder of 2012, gains are still likely when compared to the same time last year. Housing demand has been strong, supply levels have been falling and prices are turning a … [read more]

Summer heat waves roll across the northland as election season also heats up. Meanwhile, as the mercury and partisan rhetoric both escalate, residential real estate continues to show signs consistent with market recovery. For the current round of numbers, both buyer and seller activity levels were higher than last year at this time. Buyers have … [read more]

Market metrics are in the midst of seasonal peaks and valleys this time of year. Listings, sales and prices all tend to reach pinnacles on the historical trend line, while market times generally take a dip to annual lows. Summer is historically an exciting time for real estate. Between vacations to see family and friends … [read more]

The report card for this week showed higher grades than last year at this time for both buyers and sellers. Activity levels are higher on both sides, which is indicative of recovering confidence in the local market. Prices in certain areas have already turned a corner, and it is not unreasonable to expect a continuation … [read more]

Last year at this time, the housing market was in a holding pattern of uncertainty and negativity. This year, it is acceptable to have hope again. Sellers have listed less inventory and buyers are absorbing existing inventory. Foreclosures, while still present, are having a less detrimental impact since low-priced inventory has already been purchased, forcing … [read more]

Although the latest jobs report was less than exciting for those waiting for economic recovery to cast a warming glow all across the land, the residential real estate market continued to jog along at a nice pace, as though earbuds were drowning out the din of negative energies trying to dissuade healthy activity. For the … [read more]

The tempo in residential housing has remained upbeat through the first five months of 2012. Year-to-date figures begin to sing a compelling tune at this time of year, and the song thus far is that markets are moving back toward balance and home prices are beginning to reflect that stabilization. For the most recent week, … [read more]

Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations. This May, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened … [read more]

If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let's see if we can try to determine today's market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is … [read more]

The median sales price for the Twin Cities metro area for April 2012 was up 12.4 percent from last April to $163,000. That's the largest jump since January 2004. Since median sales price can be manipulated by the mix of homes that happen to close in a given month, whether condos, foreclosures or new construction, … [read more]

Buyers don't live in a spreadsheet. When they find a home to love and cherish, they don't intellectualize it too much. There are generally fewer homes on the market, they're selling more quickly and prices in most areas are no longer in a downtrend. Dwindling inventories means there's less competition and more pricing power for … [read more]

There's that sound again. It's the media message you once heard on the TV and radio or read in newspapers and on the Internet in days seemingly long gone. Real estate stories are mostly being cast in a generous light. That's all well and good, but is now the time to list or buy? Answering … [read more]

Job growth, low mortgage rates, rising rents and a relatively inexpensive housing stock. These are just some of the playful teases in the burlesque revue that is today's market recovery. Another week passed with buyers displaying no signs of slowing down. In general, sellers are discovering a less-intimidating scene, and buyers are reveling in the … [read more]

Market sentiment can become a self-fulfilling prophecy. Just as negative economic news sent a chill through the housing industry over the last several years, a newly confident consumer buying up excess inventory and further housing-related sundries helps stabilize and support home values. Some sellers are even starting to see rising prices. The numbers are beginning … [read more]

March provided a critical data point on the road to recovery. For the first time since October 2010, the median sales price of Twin Cities homes was higher than a year ago. The 6.4 percent gain was the largest year-over-year median price increase since a tax-credit-driven April 2010. After accounting for the growing square footage … [read more]

The weekly scorecard showcases that home buyers were more active compared to the same week last year. Buyers have been taking advantage of an affordable market, but sellers in many areas have been lazing in the tall grass like lions as the herd moves past. Watch for a changing landscape this spring and summer. Even … [read more]

The last time you were at the doctor, your vital signs were checked – heart rate, pulse, temperature and blood pressure. Progress was documented and valuable insights were gained, whether it was a routine visit or one of many checks during an extended hospital stay. The housing market has been in and out of intensive … [read more]

In another sign that the six-year long housing slump could be coming to an end, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached 28. To put that in perspective, it went from above 70 in 2005 to below 10 in 2009. The HMI has not seen 28 since June 2007. This … [read more]

Buyer activity: up. Seller activity: down. That could soon change if sellers begin to increase their activity levels entering the spring market. They've understandably been a tad shy lately, but the changing landscape is starting to register with well-informed homeowners looking to move. Buyers have shown that they refuse to let one of the most … [read more]

Home buyers in the 13-county Twin Cities metropolitan area entered into 3,756 purchase agreements during February, a 34.2 percent increase over last year. A warm winter certainly helped activity, but low interest rates and affordable prices were likely the main draws. More people signed purchase agreements last month than during February 2006 and every February … [read more]

The last six years or so have been tough on home prices, and even the most optimistic prognosticators say it will take another six years for median sales prices to approach the halcyon days of assured annual value increases for home sellers. Generations of stable home price increases gave way to a boom-and-bust cycle that … [read more]

Those who follow the numbers already know that 2012 is shaping up to be a year of encouraging change in the market. Since all real estate is local, recovery won't occur evenly across all areas or segments. People are watching closely for signs of bottom and signs of recovery without fully knowing exactly what to … [read more]

The week left yet another trail of evidence leading back to a housing market on the mend. This time, the encouraging signs were even less clandestine. Nationally, both new and existing home sales enjoyed improvements. Even some December numbers were upwardly revised. New home sales have real and noticeable impacts on GDP, thus generating jobs … [read more]

The National Association of Homebuilders index recently rose to levels not seen since 2007. Historically, it's been a great leading indicator of housing starts. We lead with this information because it is just the latest in a series of testimonials toward a market with some wind in its sails. In as few as four months, … [read more]

It was a week full of intrigue if ever there was one. A positive jobs report gave way to bullish activity on Wall Street backed by heroics from the hometown team, as the Giants showcased their Manning(ham) magic. Meanwhile, dozens of state attorneys general brokered a deal that will likely include principal write-downs. In … [read more]

There were 3,149 purchase agreements signed in the 13-county Twin Cities metropolitan area during January, a 25.5 percent increase over last January. No doubt driven by a mix of record-low mortgage rates, affordable prices, strong negotiating leverage and unseasonably warm weather, that’s the highest January pending sales figure since 2005.Sellers were less active, as new … [read more]

There were 3,149 purchase agreements signed in the 13-county Twin Cities metropolitan area during January, a 25.5 percent increase over last January. No doubt driven by a mix of record-low mortgage rates, affordable prices, strong negotiating leverage and unseasonably warm weather, that’s the highest January pending sales figure since 2005.Sellers were less active, as new … [read more]

Whether motivated by the election cycle, a jump in employment, improving housing market metrics or the best start to a year for the S&P 500 since 1989, home buyers posted increased activity levels compared to last year. Consumers signed more purchase agreements but sellers entered into fewer listing contracts. Changes in supply-side metrics confirm this, … [read more]

As the first month of the year trots onward, so do home buyers. They posted increased activity levels compared to the same week in 2011. Seller activity slowed compared to last year, however. Inventory declines effectively positioned many local markets into a more balanced state – particularly toward the end of last year. Increased … [read more]

Last week, the Mortgage Bankers Association reported that mortgage applications increased more than 23.0 percent from the week prior. The fine print stated that most of the increase was driven by refinancing activity, given record low rates. Residential construction data also provided glimmers of hope. By now, many have surely noticed that the supply-demand balance … [read more]

Decreased supply, high demand and low prices are among the encouraging developments in 2011 that give cause for optimism in 2012. Consumer purchase demand increased absent any outside incentives. As the active supply of homes for sale decreased dramatically, absorption rates improved to levels not seen since 2005. Unprecedented low interest rates and record housing … [read more]

The first full week of 2012 shows that buyers were off to a busy start while seller activity cooled down. Sales volumes easily beat the same week in 2011. The inventory drops that many communities saw during the second half of last year should translate into further positive news for sellers. Interest rates are expected … [read more]

Most observers would agree that this year's housing recovery was not as robust as many had hoped. That said, a handful of things went right. Supply-side market correction took the guise of inventory declines and a pullback in listing activity. Consequently, sellers generally faced fewer challenges than in the past. Driven by improvements in the … [read more]

If you follow our weekly notes with even a sidelong glance, you know that the story of the market in 2011 has been increased sales and decreased inventory. That's all well and good, but consumers and the media want to talk about one thing: Price. Ideally, sellers seek multiple offers. This signals strong demand and … [read more]

Another year is almost in the books, and you could sum it up as another "transition year" for the local housing market. There were ups and downs, with positive developments stunted by political paralysis, joblessness or other issues. Nonetheless, the housing sector took important strides forward. Armed with record low mortgage rates, buyers took to … [read more]

Today's housing market is like Minnesota Golden Gophers sports. If football's your game, it doesn't look great and hasn't for a number of years. If you're a basketball fan, the results are positive even if you're missing key inventory. If you're into hockey, past glory appears to be on the horizon. It all depends on … [read more]

As another new year approaches, we find ourselves settling in for the holidays, which typically come with slowed real estate activity. In the first week of the full holiday shopping season, we saw sales increase. We're talking about residential real estate, of course, although retail performed surprisingly well, too. Sellers listed fewer properties during the … [read more]

Last month, the number of homes for sale in the 13-county Twin Cities metropolitan area plunged nearly 24.0 percent from last year to 19,516 – the lowest November inventory reading since 2004. In addition, November 2011 marked only the third month in more than five years (68 months to be precise) where there was less … [read more]

Let the race to the end of the year begin. With 2012 just around the corner, buyers continued to exceed their November 2010 purchase volumes. Sellers weren't so keen, posting fewer newly-listed properties on the MLS than at this time last year. With roughly 87.5 percent of 2011 data in the books, the clever observers … [read more]

The most recent weekly report card shows buyer activity is still registering higher than the same week in 2010. Sellers, on the other hand, introduced fewer new homes to the market than last year at this time. A few shakeups in the housing policy world are worth mentioning: keep an eye on HARP 2.0, new … [read more]

Pending home sales were off to the races as buyers eagerly entered more contracts than during the same week in 2010. Sellers pulled back a bit as they listed fewer new properties than last year at this time. By and large, inventory declines have been the 2011 tale to tell, but a handful of alternative … [read more]

Local home buyers had no reservations about exceeding their 2010 purchase volumes for the week. Sellers were a bit shy, introducing fewer new listings to the marketplace than last year. It's particularly important to watch the inventory needle as it can illustrate the overall market balance. Speaking of which, now is a great time to … [read more]

This week's market scorecard shows increased activity levels for buyers and a modest decline in seller activity. Consumer purchase demand posted a welcomed increase over the same week in 2010. Sellers brought fewer new listings onto the market than last year. Home purchase activity is still one of the most paramount drivers of sustained recovery. … [read more]

It seems like every passing week brings not one but two new record declines: inventory levels and mortgage rates. The week ending October 8 was certainly no exception. The number of active listings on the market fell 21.0 percent to 22,434 units. Mortgage rates fell below 4.0 percent for the first time ever. The last … [read more]

Without any government stimulus, the Twin Cities housing market continued to take small yet noticeable strides toward recovery in September. Sellers listed 5,562 new homes on the market, down 16.8 percent from last year. Buyers entered into 3,752 purchase agreements, up 37.4 percent over September 2010 levels. That's the fifth consecutive month of double-digit, year-over-year … [read more]

With the final week of the third quarter in the books, buyers posted solid gains over last year's activity levels while sellers listed fewer properties on the market. As is typical for this time of year, expect some seasonal changes to start taking hold. Market activity may slow from one month to the next but … [read more]

New Listings: Sellers posted their smallest decline in newly listed homes in three months. The 1,320 new properties were 4.8 percent fewer than the same week last year. What's causing the shift? New listings dropped at this time last year while current levels held fairly even with last week. Active Supply: The 22.6 percent year-over-year … [read more]

With the Labor Day slowdown in the mix for the current round of numbers, new listings were down 21.2 percent compared to the 12.9 percent average decline over the past three months. At 1,248 new homes, that now marks 14 consecutive weeks of year-over-year declines in new listings. Inventory levels were also down 21.2 percent … [read more]

With some September data in the mix, seller activity showed a continuation of its intermediate-term holding pattern, with 14.3 percent fewer listings than the same week in 2010. The 1,313 new listings were more or less on pace with their 3-month 12.0 percent average decline. Similarly, buyer activity continued to post large gains over the … [read more]

We are now up to 14 consecutive weeks of accelerating inventory attrition. Let's go out on a limb and call this a pattern. For the current period, the number of active listings was down 20.6 percent to 24,047 properties. That's the largest inventory decline in nearly eight years. The metric is now back around first-quarter … [read more]

For the week ending August 20, Twin Cities home sellers continued to list fewer properties than last year at this time, as new listings were down 11.8 percent to 1,342. That makes for 11 consecutive weeks of (still welcome) declines. Meanwhile, buyer activity was up 53.3 percent over last year, the largest increase in … [read more]

As the final days of summer start to wane, Twin Cities home buyers posted their 14th consecutive week of double-digit, year-over-year gains. For the week ending August 13, there were 47.4 percent more purchase agreements signed than during the same week last year. A total of 952 buyers entered contract. Sellers continued their slowdown, introducing … [read more]

While day traders continue along their roller coaster ride, 997 Twin Cities home buyers made the smart investment in real estate. That's 40.0 percent more than those who made the investment last year. As this year's pending sales trendline rounds off its seasonal peak, you'll notice that purchase demand is coming back in line … [read more]

Here is list of recent articles related to our Housing Market. The bids are back Revisiting the Legacy of HAMP in a Great Contraction World Market uncertainty pushes mortgage, interests rates in buyer's favor House prices in Twin Cities continue to drop amid a few good signs Twin Cities home sales up in July, prices … [read more]

Pending sales in the 13-county Twin Cities metropolitan area were up 42.7 percent over July 2010's post-tax credit slump. Buyers entered into 4,077 purchase agreements, marking the third consecutive month of double-digit year-over-year gains in purchase demand. Demand was certainly soft at this time last year, but 2011 sales volumes have been in line with … [read more]

Despite the anxiety on Wall Street, home buyers on Main Street continued along their merry way. Twin Citizens entered into 1,029 purchase agreements, up 49.1 percent from the 690 seen during the same week in 2010. Sellers, conversely, introduced only 1,323 new properties to the market for a 15.8 percent decline from last year. For … [read more]

As compared to the second-half 2010 market-wide slowdown once the tax credit expired, seller activity remains below 2010 levels while buyer activity is rising up in line with historic norms. Twin Cities home sellers brought 1,478 properties to the market, or 8.7 percent fewer than the same week last year. Buyers signed 1,064 purchase agreements, … [read more]

Home sales in the Twin Cities housing market continue to show strong year-over-year growth, but we must continue to point out that this is mostly due to how extraordinarily quiet last year was at this time following the expiration of the federal home buyer tax credit. For the week ending July 9, there were 788 … [read more]

Pending sales in the 13-county Twin Cities metropolitan area were up in June 2011 an astonishing 48.1 percent over the June 2010 post-tax credit slump. The 4,492 signed contracts exceeded levels seen during any month in 2007, 2008, and 2010 except April. This dramatic increase is attributed to a sharp drop in 2010 post-tax credit … [read more]

For the week ending July 2, there were 1,057 purchase agreements, a 58.2 percent increase over the 668 seen during the same week last year. Let's sprinkle in some context. Over the past 10 weeks in the Twin Cities metro area, pending sales have increased slightly from 986 to 1,057. Over the same 10 weeks … [read more]

With the release of this week’s Weekly Market Activity Report, MAAR is transitioning to a new data collection methodology that automatically updates historical statistics to reflect the current data as it appears in NorthstarMLS. MAAR has been using this approach in almost all of our other reports for several years and we believe it represents … [read more]

For the week ending June 18, pending sales in the Twin Cities reached a new high for 2011. The 961 signed purchase agreements were 49.0 percent higher than the same week last year. That's the greatest number of pending sales in 57 weeks or since the week ending May 15, 2010—and only four contracts shy … [read more]

Pending sales in the 13-county Twin Cities were up 33.7 percent compared to the same week during the post-credit cool-down of 2010. In total, 901 home buyers entered into purchase contracts. This marks the fifth consecutive week of double-digit year-over-year gains in pending sales activity. The last time we could proudly display that badge was … [read more]

For the week ending June 4, both buyer and seller activity continued to outpace year-ago levels in the Twin Cities. New listings were up 10.6 percent over the same week in 2010, and pending sales were up an encouraging 34.7 percent. That marks the fifth consecutive week of year-over-year gains in new listings and the … [read more]

Pending sales for May 2011 in the 13-county Twin Cities metropolitan area were up 13.2 percent over last year's post-tax credit market. The 4,428 signed contracts was the second year-over-year increase in the past 13 months. Sellers introduced 7,021 new properties to the market, a 10.8 percent increase from the year prior. Inventory shrunk 11.8 … [read more]

Buyer activity in the Twin Cities metro area increased a colossal 59.2 percent over last year, the strongest year-over-year gain since the week ending October 3, 2009. That's a win any way you look at it, especially after 52 of the past 53 weeks showed year-over-year declines in buyer activity. The post-tax credit drop-off seen … [read more]

For only the second time since the end of last year's tax credit, there were more Pending Sales for a given week than in the prior year. A total of 958 buyers entered into contract for the week ending May 14, an increase of 15.4 percent and the highest number of pendings since the week … [read more]

Here is list of recent articles related to our Housing Market. Doors open for buyers in rehabbed Minneapolis homes Underwater and Sinking Riding out the storm: local housing still sluggish Median home price is down 15% Is housing hurting the recovery? More bad news for Twin Cities home sales Twin Cities home sales, prices down … [read more]

Last week marked the official end of year-over-year comparison to the 2010 tax credit period, but it's evident (and not uncommon) that we'll have at least one transitional week to count up the final sales of the tax credit. This week's numbers are still about as negative as the Minnesota Twins have been this May, … [read more]

Pending sales in the 13-county Twin Cities metropolitan area were down 25.8 percent to 4,289 from April 2010's incentive market high of 5,781. The overall median sales price dropped 14.6 percent to $145,000. Sellers introduced 7,279 new properties to the market, 25.3 percent fewer than last April, and inventory levels were a welcome 16.1 percent … [read more]

For the week ending April 9, sellers introduced 1,770 New Listings to the Twin Cities housing market. That's down an even 30.0 percent from the same week in 2010 when motivated sellers rightfully decided it was time to sell. Current buyer activity simply cannot compete with an elevated 2010 incentive market. Pending Sales were down … [read more]

Here is list of recent articles related to our Housing Market. Real estate’s last five years most bizarre in industry history, REALTORS® president says Fannie Mae tosses life raft to homeowners Twin Cities again lead U.S. in house price decline Twin Cities home prices are back in the basement Twin Cities leads nationwide home … [read more]

New Listings for the week ending April 16 were down 21.5 percent from the same week in 2010 to 1,846 properties. That's a smaller decline than the 3-month average, which is down 26.4 percent. It appears that year-over-year declines in listing activity peaked around the end of March when motivated sellers were eager for … [read more]

For the week ending April 9, sellers introduced 1,770 New Listings to the Twin Cities housing market. That's down an even 30.0 percent from the same week in 2010 when motivated sellers rightfully decided it was time to sell. Current buyer activity simply cannot compete with an elevated 2010 incentive market. Pending Sales were down … [read more]

Mike Hoffman, a REALTOR® at Coldwell Banker Burnet's Edina Regional Office, was honored as the 2010 Minneapolis Area Association of REALTORS® (MAAR) REALTOR® of the Year on March 16 in recognition of his commitment to MAAR, the community and values of organized real estate. This award is MAAR's way of showing appreciation to members for … [read more]

Pending sales in the 13-county Twin Cities metropolitan area decreased 17.6 percent from March 2010 to 4,162 purchase agreements signed. Sellers introduced 6,977 new properties to the market, which was 30.2 percent fewer than the year prior. Inventory levels shrunk by 4.5 percent to 24,112 units—the lowest March inventory count since 2005. This trend will … [read more]

Daylight hours may be increasing but contrary to seasonal norms, the number of homes for sale continues to remain about the same. There are now 22,449 active listings in the Twin Cities, 14.4 percent fewer than last year. Nine consecutive weeks of year-over-year inventory decline bring a number of implications—mostly good, some not so good. … [read more]

For the week ending March 26, Pending Sales in the Twin Cities metro posted a 27.2 percent decrease from the same week last year to 764 purchase agreements. Sellers listed 1,402 or 37.4 percent fewer homes than they did during the same week in 2010. The repetitive mantra says: "Don't put too much stock in … [read more]

Home sales in the Twin Cities metropolitan area continued to exhibit signs of divergence from last year’s incentive market. The 812 Pending Sales for the week ending March 12 were 20.9 percent fewer than the same week in 2010. Since this year’s weekly Pending Sales figures look more like a standard bell curve than … [read more]

For the week ending March 5, there were 717 signed purchase agreements, a decline of 11.4 percent from a year ago when the market was stimulated by the federal home-buyer tax credit. Over the last three months, there have been almost 900 fewer signed purchase agreements than during the same period a year prior. On … [read more]

﻿ After briefly surfacing for air, Pending Sales in the 13-county Twin Cities metropolitan area submarined back below last year's elevated baseline. Activity at this time last year was uniquely strong due to the then-approaching tax credit deadline. Buyer activity was down 12.6 percent from February 2010 levels to 3,082 purchase agreements, but was down … [read more]

For the week ending February 26, home purchase activity in the Twin Cities diverged further away from last year's tax-credit-inspired market. There were 606 purchase agreements signed during the week, which made for a 30.2 percent decline from year-ago levels. On average, over the past three months, Twin Citizens made a less-distorted 9.5 percent fewer … [read more]

The gap between current and year-ago listing activity continues to widen, as anticipated. Expect the supply-side numbers to show sizable year-over-year declines due to the high baseline set during the spring 2010 tax credit. It should be noted that we are now approaching a period where we’ll be comparing the 2011 non-tax credit market to … [read more]

For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year's tax credit incentive, this is still interesting because it marks the first … [read more]

For the twelve-month period from October 2009 through September 2010, Pending Sales for condo properties increased 12.9 percent and single-family sales increased 2.1 percent. The Under $100,000 price range, which increased 11.8 percent, outperformed all other price points in terms of sales activity, driven by a huge increase in condo sales compared to the same … [read more]

Home sales in the Twin Cities metro are holding steady as the spring market approaches but will not match 2010's meteoric rise in sales brought about by the federal home-buyer tax credit. For the week ending February 5, there were 639 signed purchase agreements, a drop of 18.1 percent from the same week last year. … [read more]

Pending sales increased 3.7 percent from January 2010 to land at 2,838 for January 2011. That's the first year-over-year increase since the tax-credit salad days of April 2010. Prices slid during January 2011, as the median sales price decreased a heavy 10.8 percent from January 2010 to $140,000. A larger share of homes sold this … [read more]

For the week ending January 29, 2011, purchase activity in the Twin Cities 13-county metro registered 2.0 percent below the same week in 2010. That marked the smallest decline in buyer activity in two months. Pending Sales in the first half of 2011 will struggle to match the high marks set during last year's tax … [read more]

Twin Cities home buyers braved the arctic air to sign 533 purchase agreements during the week ending January 22. Although that's 4.5 percent fewer than the same week in 2010, it's better than the 9.3 percent decline we've seen over the last three months. Sellers brought 1,195 new properties online for the week, a 21.5 … [read more]

﻿ For the first time in several years, the inventory of new construction homes available for sale is beginning to stabilize. The 2,014 available in January represent a decline of only 10 units from a year ago. Since the peak of the new construction market in 2006, the number of available properties has dropped … [read more]

Buyers were more eager to get back in the game than sellers for the week ending January 15. There were 1,286 new properties added to the Twin Cities residential real estate market, down 22.9 percent compared to the same week last year. This marks the third consecutive week of year-over-year declines in seller activity after … [read more]

Twin Cities home buyers and sellers both showed week-over-week increases coupled with year-over-year declines. The 1,490 New Listings were up over 120.0 percent from the previous week but down 10.7 percent from the previous year. The 475 Pending Sales were up over 70.0 percent from the previous week but down 8.7 percent from the previous … [read more]

Buyers and sellers were less active in the closing week of 2010 than they were during the final week of 2009. Following three consecutive weeks of increases, sellers pulled back and listed 677 new properties or 1.6 percent fewer than they did last year at this time. This is slightly below the three-month average but … [read more]

Buyer activity for the week ending December 25 was fairly even with last year – down only 3.3 percent to 379 purchase agreements signed. The lowest weekly sales volume on record is 235 and it occurred during the final week of 2007. Weekly sales volumes have lingered between 400 and 700 units since the beginning … [read more]

We don't want to make excuses, okay, but it has been the snowiest December on record for the Twin Cities metropolitan area. We're all too aware that our market metrics have provided some sting through much of 2010, and the snow and snow and more snow nudging us toward 2011 hasn't helped. There were 458 … [read more]

After a brief flirtation with black ink, we returned to year-over-year declines in buyer activity in the 13-county Twin Cities metro area. There were 522 Pending Sales for the week ending December 11. That's a 3.7 percent dip from year-ago levels – a minuscule change when placed in the context of recent history. Sellers introduced … [read more]

The inventory of lower-priced homes is growing dramatically as the year progresses. This is due in part to a large drop in sales following the tax-credit expiration as well as continued strength in the number of new listings coming on the market at these price points. On the other hand, the upper-end price ranges … [read more]

Remember the week ending May 1? The weather was considerably warmer, there wasn't more than two feet of snow on the ground and the optimism was high surrounding our professional sports teams. Things change. That fateful week in May was also the last time our market recorded a year-over-year increase in weekly pending sales…until now. … [read more]

Pending sales in the 13-county Twin Cities metro area were down 3.3 percent compared to last November and closed sales were down 39.1 percent for the same period. This simply reflects the seismic impact brought about by the home buyer tax credit of 2009. The $165,700 median sales price was a 2.5 percent decrease from … [read more]

After more than six months of double-digit declines, the past three weeks have shown year-over-year sales declines of less than 6 percent. For the week ending November 27, buyers signed 377 purchase agreements, or 5.5 percent fewer than last year. Let's play with personification: Twin Cities Housing Market, this is Statistical Normalcy. You two met … [read more]

For the week ending November 20, Pending Sales in the Twin Cities metropolitan area declined by just 4.1 percent from year-ago levels, marking the second week in a row where this year's sales figures closely match last year's numbers. There were 579 pendings for the week, and we have kept pace at about 600 sales … [read more]

Despite the icy roads, year-over-year purchase demand gives the appearance of gaining some traction. For the week ending November 13, there were 577 Pending Sales in the Twin Cities metropolitan area, a small 4.3 percent decline from year-ago levels. Don’t put too much stock in this closing gap of home buyer activity, as compared to … [read more]

For the week ending November 6, the pending snow outlook worsened as the Pending Sales outlook improved. The 619 signed purchase agreements in the Twin Cities metropolitan area marked a 16.0 percent drop from the same week last year. That's the smallest decline since the week ending May 8. We do need to add some … [read more]

Minneapolis, Minnesota (November 10, 2010) – Pending sales in the 13-county Twin Cities metro area were down 35.6 percent compared to last October, and closed sales were down 40.7 percent for the same period. This is in line with yearover-year changes since the tax credit ended. However, when compared to year-to-date 2008, there was a … [read more]

For the week ending October 30, New Listings in the 13-county Twin Cities metropolitan area were up 0.4 percent over last year to punch in at 1,266 new units. That’s the first time seller activity has outpaced last year’s levels since the last full week of April. Buyer activity wasn’t quite so fortunate as Pending … [read more]

Pending Sales in the 13-county Twin Cities metro experienced its smallest decrease since the end of May. The 611 purchase agreements signed for the week ending October 23 were 34.0 percent fewer than the same week in 2009. While still in the red, it’s not to the extent we’ve seen the past few months. Seller … [read more]

For the week ending October 16, New Listings in the Twin Cities declined only 2.1 percent from the same week last year with 1,424 properties entering the market. That’s the smallest year-over-year decline in nine weeks, as the gap comparing last year’s performance with this continues to close. Weekly Pending Sales are still stuck around … [read more]

As the mercury inches downward outside, grab your favorite hot beverage and let’s review the buyers and sellers weekly dance card. Bear in mind that current activity may look especially slow compared to last year’s tax-credit-induced performance. For the week ending October 9, sellers continued to pick up their tempo by introducing 1,479 new listings … [read more]

"The 100+" is our community level market tracking tool has been updated with data through September 2010. All real estate is local—even from block to block. "The 100+" was built with this micro-level geographic truism in mind. CLICK HERE for The 100+

Inventory is growing as home sales decline. All three property types and five of the eight price ranges that we track are showing year-over-year increases in homes for sale. The biggest area of growth is in the lowest price ranges, where an influx of new foreclosures and short sales and a decline in sales post-tax-credit … [read more]

We're used to seeing housing activity slow down at this time of year. Trouble is, this seasonal slowdown is amplified when compared to a front-loaded 2010 selling season and a comparably strong tax-credit-driven 4th quarter 2009 selling season. The net effect is that year-over-year changes are comparing an incentive period to a non-incentive period. Keep … [read more]

In the Twin Cities metropolitan area, the frost that some of us found on our lawns also kept the housing market in a sort of frozen state. For the week ending September 25, sellers placed 1,382 new homes on the market, which was 19.9 percent fewer than last year at this time. Over the past … [read more]

As the waters of several Minnesota rivers swell, so too does the inventory of Twin Cities residential homes on the market. For the 17th consecutive week, the number of active listings for sale was greater than the same week in the year prior. For the week ending September 18, the 27,408 homes on the market … [read more]

Since data for the Weekly Market Activity Report is pulled a week after it actually occurs, this week's data includes the Labor Day week. Taking the usual holiday dip, pending sales dropped to 519 purchase agreements signed for the week ending September 11. The 38.2 percent year-over-year decrease rests along the trend line we've seen … [read more]

As autumn presses upon us, the Twin Cities residential real estate market's paralysis continues. For the week ending September 4, New Listings were down 12.8 percent compared to last year at this time, but there were still more properties coming on to the market than the week before at a time when the school year … [read more]

Even with temperatures cooling, the Twin Cities housing market remained in its summer swelter of a holding pattern for the week ending August 28. Signed purchase agreements topped off at 636, continuing a sub-700 trend that has gone on for 15 weeks in a row. Prior to that, we had 15 weeks in a row … [read more]

Welcome to the new abnormal. Interest rates are hammocked at 55-year lows. Buyer activity is squatting like it’s 1993. There are plenty of available homes in the new abnormal, yet even this favorable buyer’s market hasn’t caught the buyer’s favor. In the new abnormal, the economy is currently driving the housing market, not vice versa. … [read more]

For 12 consecutive weeks now, the number of homes for sale in the Twin Cities housing market has been higher than it was a year ago, and the gap between this year's inventory and last year's inventory at the same time has been steadily growing. There are currently 27,784 homes for sale, up 8.1 percent … [read more]

Although we always knew that membership was a trailing indicator of market activity, this chart illustrates that there is a far greater correlation than we first suspected. The seasonality effect in home prices is also mirrored in the membership numbers with surges in the warmer months and decreases in the colder months. Buyer activity—as measured by the closed … [read more]

The Twin Cities Housing market has seen some impressive highs and puzzling lows this year. Unfortunately, the lows have persisted through summer, despite low interest rates and a diverse and affordable housing stock. Although New Listings are about where they were last year (near 1,600), Pending Sales remain as low as they've been all summer. … [read more]

The inventory of homes available in the lower price ranges is growingdramatically from last year. With the number of new listings in these segmentsoutgrowing sales, the number of available homes has grown. For instance, below$120,000 the current Months Supply of Inventory of 5.2 is a jump of 52.6 percentfrom last year at this time. Inventory … [read more]

The Twin Cities housing market has found itself in a bit of a holding pattern in recent months, and July is no exception. The $175,000 median sales price was a 2.3 percent increase over July 2009. Pending sales in July were down 37.6 percent compared to last year, which is certainly less than ideal but … [read more]

For the week ending July 31, New Listings in the Twin Cities region were down 4.3 percent from last year, with 1,566 new properties coming onto the market. Pending Sales were down 34.3 percent from a year ago, as 651 purchase agreements were signed. Over the last three months, there have been 13.4 fewer new … [read more]

Whether May or June or July, we're finding it difficult to report anything new to you for the warm weather months of 2010. Week-in and week-out, we're showing a recurring pattern of behavior in the Twin Cities housing market, and the week ending July 24 isn't much different. Pending Sales are at 628 for the … [read more]

It’s been almost 3 months since the expiration of the federal home buyer tax credit and the market appears to have settled into something of a rhythm. With the dust settling, pending sales have become mostly fixed in the 500-to-600 per week range for the past 9 weeks. While the dramatic drop from a year … [read more]

Minneapolis, Minnesota (July 22, 2010) – Today the Minneapolis Area Association of REALTORS® (MAAR) is making housing market data easier than ever to explore and dissect. Welcome to “The Thing,” a new interactive market analytics tool for local real estate. The new interactive tool, available at thething.mplsrealtor.com, was developed by 10K Research and Marketing, a … [read more]

For the week ending July 10, the number of pending sales held steady with the week before but remained well behind last year's pace. The 545 signed agreements during the week represent a drop of 45.9 percent from last year at this time. That's the tenth consecutive week of year-over-year declines in buyer demand, a … [read more]

As the summer progresses, the Twin Cities housing market continues a remarkably similar week-to-week pattern —tepid new listings, extremely weak buyer demand and a total supply of available homes that slowly increases. New listings for the week ending July 3 were 5.6 percent below last year, but the drop in pending sales was much more … [read more]

Although June saw a 4.9 percent year-over-year median sales price increase from $173,500 to $182,000 in the Twin Cities metro, low demand overshadowed those gains. The sales price reflects the mix of homes that were selling—many of which were closings from credit-motivated first-time homebuyers. The big shift occurred in the pending sales metric, which had … [read more]

The post-tax credit malaise continues as the Twin Cities housing market comes to grips with the new normal. Pending Sales for the week ending June 26 were down 47.6 percent versus 2009 numbers—from 1,121 a year ago to 587 now. New Listings are also down from a year ago, though not to the same extreme … [read more]

The Twin Cities housing market continues to adjust to a world without a fancy tax credit. Pending sales leveled off following the slight gains seen the prior week, squatting at 645 signed contracts for the week ending June 19. While that's steady compared to last week, it's anemic compared to last year at this time … [read more]

Pending sales in the Twin Cities housing market trended up for the first time in four weeks but remain substantially below 2009. For the week ending June 12 there were 674 signed purchase agreements, up from the mark of 527 the prior week but down dramatically from the mark of 1,210 seen during the same … [read more]

Remember how we've been saying that the Twin Cities housing market has been getting successively slower in home sales every week since the tax credit ended? Umm, yeah, well that's still happening. Pending sales for the week ending June 5 were 57.0 percent behind the pace seen a year ago, dropping from 1,226 in 2009 … [read more]

As the weeks following the tax credit expiration unfold, buyer demand continues to slow. The 600 purchase agreements signed for the week ending May 29 were 34.6 percent below the previous year—the fourth consecutive week of year-over-year decline in Pending Sales. Refreshed supply is also in decline, as New Listings posted a fifth consecutive week … [read more]

Home sales in the Twin Cities housing market took another dip as the hangover from the tax credit expiration continued. For the week ending May 22, there were 624 pending sales—a precipitous drop of 42.5 percent from a year ago. The biggest drops in sales since the credit ended can be seen in the traditional … [read more]

As expected, pending sales continued their post-tax credit deadline swoon in the Twin Cities housing market for the week ending May 15. There were 830 purchase agreements signed for the week, a large drop from the mark of 1,469 seen two weeks ago during the final week of the credit. The most recent week represents … [read more]

The expiration of the tax credit clearly motivated buyers to take action by April 30. Last week, there was a significant 31.2 percent jump in Pending Sales versus last year, bringing the total number of contracts written to 1,469. But for the first time this year the number of New Listings was down. A total … [read more]

Well, the federal home buyer tax credit we've been talking about for the last 18 months has finally expired. All good (or bad, depending on your opinion) things must come to an end. Unfortunately, we won't have definitive evidence of how wild the final days of the credit were for another week as we wait … [read more]

With the final days of the tax credit ticking away, buyers and sellers are hitting overdrive in an attempt to cash in on the credit’s considerable incentives. For the week ending April 10 there were a whopping 2,527 new listings, a huge jump of 47.9 percent over the same week in 2009. Only 28 percent … [read more]

The Twin Cities housing market continues its spring dance as the 2010 weekly numbers outpace the equivalent weeks of 2009. New listings for the week ending March 27 were at 2,240, 29.4 percent higher than during the same week last year. Pending sales are up 13.8 percent over last year, and we once again broke … [read more]

The local housing market continues to mimic spring growth, as Twin Citizens emerge from their wintry cocoons just in time for the final days of the home buyer tax credit. For the week ending March 20, there were 2,277 new listings, up 28.8 percent from a year ago and marking the seventh consecutive week of … [read more]

The spring market is heating up as the federal tax credit deadline draws near. The Twin Cities housing market saw some resurgence in several metrics for the week ending March 13. Pending sales were where the real action was. The magical "1,000" barrier was finally broken for the first time this spring with 1,027 purchase agreements … [read more]

The $6,500 tax credit for move-up buyers appears to be stimulating some sellers to place their homes on the market in an attempt to sell them before the credit expires. For the week ending March 6, there were 2,279 new listings, an increase of 24.6 percent from a year ago. Every price range is seeing … [read more]

Warming weather, affordability and approaching deadlines are activating the housing market. With less than 60 days left until the home buyer tax credit expires, buyers and sellers appear to be kicking it into a new gear. There were 1,715 new listings for the week ending February 27, an increase of 5.3 percent from a year … [read more]

Over the last three weeks, the number of new listings has grown at a stronger pace than we saw in 2009. For the week ending February 20, there were 1,833 new listings, an increase of 17.7 percent from a year ago. The recent uptick is likely a combination of the typical spring increase in activity … [read more]

We provide a LOT of information to our members on housing market conditions. Some might say too much. Some might not. Both of those groups will probably say that they could use some help in making sense of what it all means, how to interpret it and where to find the latest and greatest information. … [read more]

The Twin Cities housing market in early 2010 looks pretty much like it did in early 2009. How similar? Over the last three months, there have been 7,189 signed purchase agreements; there were 7,186 a year ago during the same time period. Eerie, no? Robotic precision. For the week ending February 13, there were 711 pending … [read more]

The Twin Cities housing market at the beginning of 2010 continues to look similar to the Twin Cities housing market at the beginning of 2009. There were 1,848 new listings for the week ending February 6, a 3.8 percent increase from the same week last year. On a similar track, there were 780 pending sales … [read more]

No, that's not the name of an old bar band that plays Tuesday nights at a dive in Stillwater. It does sound like it though, I'll give you that. This morning I gave a presentation to Twin Cities area brokers on the current state of the local housing market and called it "The Big Picture … [read more]

The February Housing Supply Outlook is online now. We noticed some intriguing trends in the new construction segment and decided "hey, what the heck…let's do a whole Housing Supply Outlook analysis on new construction?" So that's what we did. So here it is. Yeah. The new construction market has made huge strides in cutting down … [read more]

It's finally done: The 2009 Residential Real Estate Activity Report (a.k.a., RREAR or "The Ruh-REAR"). We've received more calls and emails than usual this year asking when we'll be done with it, which hopefully means we're doing something right because it's now something that you crave. The annual publication is again bursting with research and analysis … [read more]

As winter continues its streak of cold and snow, sales activity in the Twin Cities housing market is moving along at a pace you'd expect for the season and at about the same pace as a year ago. Pending sales for the week ending January 30 came in at 650, down very slightly from the … [read more]

The January 2010 Twin Cities housing market has shaped up to be nearly identical to January 2009. Pending sales are down slightly from a year ago, but not by much. New listings are down slightly from a year ago, but not much. Inventory is rising slowly, but not much. After the roller coaster ride the … [read more]

Activity continues to pick up in the Twin Cities housing market as sellers and buyers bid a sad farewell to the Vikings' football season and the dormant holiday market begins to thaw. New listings, sales and inventory are steadily increasing as we prepare for the spring selling season. For the week ending January 16 there were … [read more]

We're hard at work on the 2009 Annual Residential Real Estate Activity Report (RREAR) as we speak. Expect another action-packed and information-heavy edition to hit our website in mid-February at the latest. In the interest of going green and saving green, we're not going to be supplying all of our 8,000+ members and affiliate members … [read more]

The first full week of reporting for the Twin Cities housing market is in and while there are a few "green shoots," it's becoming clear so far that the market won't see the same spectacular growth in sales it saw at the beginning of 2009. There were 520 pending sales for the week ending January 9, … [read more]

Housing activity for the week ending January 2, 2010 took a predictable surge upward following the holiday break. New listings rose to 688 for the week—down 37.3 percent from a year ago—while pending sales posted a number of 378—down 11.7 percent from a year ago. We will likely have to wait another week for all … [read more]

The January 2010 Housing Supply Outlook just hit the internetz. As usual, here's some quick takeaways on key market conditions. 5. Its a magic number. The last time there was only 5.0 months of supply or less in the Twin Cities housing market, the month was March of 2006. George Bush was president, Kanye West … [read more]

The last week of 2009 found the Twin Cities housing market singing "Auld Lang Syne" and taking a breather. For the first time in four years, the active listing inventory dropped below 20,000. Chiming in the New Year at 18,980, inventory is at its lowest point since April 2005 and is 22 percent below last … [read more]

‘Twas the week before Christmas, and all through the market, Realtors were selling houses in the Twin Cities, some wearing parkas. For the week ending December twelfth there was such a clatter,Pending sales flattened out, unlike a step ladder. 542 for the week, which was 2.5 percent under last year,When market volatility was in the … [read more]

The post-Thanksgiving bump is in effect for the Twin Cities housing market. The week ending December 5 saw pending sales swing upward from the previous week by 152 to settle at 551. This is 7.7 percent less than last year at this time, marking the third week of the last four to post pending sales … [read more]

The December Housing Supply Outlook just hit the streets. As usual, here's some bullets to digest: Takeaway #1: In the overall Twin Cities market, home sellers are now getting closer to their original asking prices than they were a year ago. Dig a little deeper, however, and it becomes clear that it’s only the Single-Family … [read more]

The local housing market experienced the traditional Turkey Day drop off for the week ending November 28 as Twin Citizens focused more on turkey and stuffing than purchase agreements and closing dates. Even taking into account the expected holiday drop, market activity in the last few weeks has slowed considerably from the breakneck pace we saw … [read more]

When compared to the previous week's dive, pending sales held strong during a time of typical seasonal swoon. For the week ending November 21, there were 604 purchase agreements, a 5.2 percent increase over the same week in 2008 and the first time in a month not to show a week-over-week plunge in sales activity. … [read more]

Home sales in the Twin Cities region have dropped significantly in recent weeks as the tax credit's extension temporarily reduces urgency and autumn's typical slowdown sets in. For the week ending October 14 there were 603 signed purchase agreements, down 7.1 percent from the same week last year. That's the first year-over-year decline since last … [read more]

With the home-buyer tax credit now expanded and extended, sales activity in the Twin Cities region slowed down as expected for the week ending November 7. And by "slowed down," we mean it "only" posted a 17.2 percent year-over-year increase as opposed to last week's 42.9 percent year-over-year increase. So we're being openly facetious; market … [read more]

The Twin Cities housing market continues to post strong pending sales figures as fall progresses. For the week ending October 31 there were 826 pending sales. That’s down from the week before but 42.9 percent greater than the same week last year. The extension and expansion of the tax credit means that first-time home buyer … [read more]

Not sure if you've heard about this tax credit extension thingy? Maybe? The bill passed yesterday. Now first-time buyers have until April 30, 2010 to sign a purchase agreement and still be eligible for their $8,000 credit. The real kicker here, though, is the expansion of the bill to assist second-or-third-time buyers. Those folks will receive a … [read more]

The November Housing Supply Outlook just hit the internetz. As usual, here's a few quick takeaways. Takeaway #1: The market segment that has the lowest months supply of homes for sale? Single-family detached homes under $120,000, which have 2.0 months of supply—an extreme seller's market. Takeaway #2: The segment with the highest months supply? Single-family … [read more]

Did you get all your screams out over the Halloween weekend? Well here’s a scary thought to keep you in the Halloween spirit: we’re running out of homes to sell in the lower price ranges. For the week ending October 24 there were 926 signed purchase agreements, up a monstrous (get it?) 53.8 percent from … [read more]

Kare 11's Allen Constantini put together a story on last night's broadcast on the issue that will likely define the 2010 Twin Cities housing market: short sales. Through interviews with our President-Elect Brad Fisher and others, the story informs consumers about what pratfalls to expect when attempting to buy or list a short sale. With a recent … [read more]

The end of the first-time home buyers tax credit looms just 30 days beyond a Halloween horizon, and home sales remain strong in the lead-up to tricks and treats and the impending tax credit DEADline. For the week ending October 17, there were 954 signed purchase agreements, howling upward 54.4 percent from a year ago. … [read more]

A new study from the National Consumer Law Center reveals that mortgage servicing companies (firms that oversee loans but don't officially "own" them since they've been securitized and resold to other investors) may find it in their financial interest to let homes go into foreclosure instead of working out a loan modification or short sale. From … [read more]

The fall Twin Cities housing market has been full of wild things, mostly first-time home buyers stampeding to take advantage of the federal tax credit before it expires on November 30. The week ending October 10 was no different than others we've seen this fall. There were 947 signed purchase agreements for the week, a … [read more]

Our Q3-2009 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market" has just been released. Here's a few highlights: The inventory of available foreclosures is shrinking very quickly, while short sale inventory is not. Lender-owned foreclosure inventory available for sale in the Twin Cities is down 60 percent from last year, falling … [read more]

Autumn may be bringing colder temperatures (and snow, too: what’s up with that?!?) but the Twin Cities housing market is still hot. Contrary to the typical fall slowdown, pending sales are gaining weekly momentum as home buyers take advantage of the final days of the Federal tax credit. For the week ending October 3, signed … [read more]

The October Housing Supply Outlook just hit your intertubenetz. As usual, here's some quick takeaways from this dense and detailed look at supply-demand dynamics in the Twin Cities housing market: Takeaway #1: If you're buying a home in the price range below $120,000, you're gonna have to move fast. There's only 2.9 months of supply … [read more]

Fall is officially on in the Twin Cities, but it hasn't slowed the housing market as much as usual. After the school year begins, we typically see a drop in buyer activity, but the 2009 fall market is remaining robust due in large part to the final weeks of the tax credit for first-time home … [read more]

The Labor Day fluctuations came and went, and the Twin Cities housing market is better for it. Pending sales for the week ending September 13 rose dramatically to 1,043, which is 33.5 percent above last year's total for the same week. We must assume that a healthy chunk of this buyer activity can be attributed … [read more]

Or so says local REALTOR® and our data-friend (is that a word?), Aaron Dickinson in a recent blog post. With foreclosure inventory dropping like a stone and often subject to multiple-offer price wars, and short sales still requiring a substantial amount of time and effort to close, Dickinson argues that traditional sellers have a unique window of … [read more]

Once again, the six-day gap between where Labor Day fell in 2008 and where it fell this year is causing our year-over-year weekly numbers to look weird. For the week ending September 12, you'll see a steep drop-off in new listings and pending sales, but there's no such dip last year. New listings for the week … [read more]

In 2008, Labor Day fell on September 1; this year, it fell on September 7. That six-day gap is enough to make our year-over-year comparisons of weekly market activity look a little goofy this week. For instance, for the week ending September 5, there were a whopping 42.9 percent more pending sales than there were … [read more]

Last week we looked at which neighborhoods were seeing their inventory of available foreclosures and short sales dwindling. The general conclusion: lender-mediated properties are going fast and buyers have to be quick and aggressive to secure them. This week we're looking at the other side of the coin: homes listed by traditional sellers. In general, … [read more]

The September Housing Supply Outlook is online now. As usual, here's a few quick takeaways from this hyper-detailed look at the Twin Cities housing market. Takeaway #1: The single-family detached market segment is rapidly approaching a balanced equilibrium. There are currently 6.3 months of supply available in that segment compared to 8.0 and 11.7 months … [read more]

For the first time in 9 months, the number of weekly new listings coming on the market was actually higher than it was a year ago. The 1,641 new homes on the market during the week ending August 29 represent a 3.3 percent increase from a year ago. The slight year-over-year uptick is due in … [read more]

Last week we touched on the quickly changing dynamics of the foreclosure and short sale market in the Twin Cities, where homes are selling at a faster pace and for closer to their original asking price than they typically have in recent history. The Pioneer Press followed up with a story. This week we're looking … [read more]

In 2006, the inventory of homes for sale was plentiful and buyers were in short supply. Regular followers of our weekly report will have noticed that a shift has been in the works for several months. The week-to-week patterns of pending sales and inventory resemble market patterns from last year, but pending sales have consistently … [read more]

For the last two years foreclosures and short sales have typically seen their final sales prices be much lower than their initial asking price. Properties would sit on the market longer and see more price reductions as buyers hadn't yet developed the feverish taste for lender-mediated homes they've now cultivated. Obviously, things have changed. With low … [read more]

The fact that the new Home Valuation Code of Conduct (HVCC) has been on the minds of REALTORS® both locally and nationally has not gone unnoticed. In a recent survey we asked our members about their experiences with the new code. We made an exception to our normal "one-question only" rule and took additional info on number … [read more]

Let's take a trip in the WABAC Machine (proncounced "wayback") to see what our current market landscape looks like compared to years past. • The 1,026 signed purchase agreements for the week ending August 15? That's the most since 2005. • The 25,765 active listings for sale? The fewest since 2005. • The 1,630 new listings? Fewest since … [read more]

The Twin Cities housing market continues to regain a semblance of balance in supply and demand. For the week ending August 8, there were 1,802 new listings, down 9.5 percent from last year. There were also 1,037 purchase agreements signed (pending sales), up 15.2 percent above last year. The total inventory of homes available for … [read more]

Allen Constantini at KARE-11 tackled the burgeoning problems brought on by the new Home Valuation Code of Conduct (HVCC) rules. All in all, its a pretty even-handed examination of the issue and contains a great deal of helpful advice from our President-Elect Brad Fisher and others. Click here to view in a separate window.

The August 2009 Housing Supply Outlook just hit the internetz. As usual, here are some brief takeaways to make your time with this report as useful as possible: Takeaway #1: There is a direct relationship between price range and whether or not home sales are increasing or decreasing. The lowest price ranges are extremely hot … [read more]

MAAR's market reporting services have been around for awhile now, but it wasn't until the last two years that we'd like to think we hit our stride. That's when things like "The 100," the Monthly Skinny Videos, the Skinny Blog (you're already here, dummy), the Lender-Mediated Report, the Housing Supply Outlook and much more started being … [read more]

We sent out a one question survey a few weeks back to our 8,000+ members: Q: What's the better seller strategy for properties that are having a tough time selling? 1) Price reductions. 2) Financial incentives to the buyer (seller pays closing costs, throws in sweet flatscreen). We had more than 240 respondents, which is pretty phenomenal … [read more]

Longest blog post title ever. We've made hay before about the stark differences in home sales activity between the lower price ranges and the upper price ranges. The less expensive prices ranges are red hot due to affordable lender-mediated inventory and heavy first-time buyer interest due to the federal tax credit, while the upper price ranges are much quieter. … [read more]

We just released our Q2-2009 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market" this morning. Here's a breakdown of the key takeaways we discovered: Takeaway #1: After reaching a historic peak in February, the number of foreclosures and short sales available for sale has fallen by more than 2,100 units to … [read more]

As summer progresses, the Twin Cities housing market continues on a well-established pattern of shrinking supply and growing sales. New listings for the week ending July 11 were 1,867—a 13.7 percent decrease over last year but a nice pickup after the annual July 4 slowdown. Pending sales rose to 1,007, a year-over-year increase of 16.6 … [read more]

The New York Times graphics department consistently produces work that explains complex trends in very unique and powerful ways. Recently, they took on some very complex economic data from the last several decades in an attempt to answer how severe our current economic malaise really is (historically speaking) and when we can expect to pull … [read more]

The Twin Cities housing market experienced its annual pre-Independence Day drop in activity as fireworks, barbeques and lake cabin excursions preoccupied the minds and schedules of many Twin Citizens. New listings took a steep dive prior to the holiday, dropping to 1,482 for the week ending July 4. This is an 8.3 percent decrease from … [read more]

The July Housing Supply Outlook just hit the internetz and, as usual, here are some quick bullet points of what to watch for. Takeaway #1: The months supply of inventory for homes under $120,000 has dropped 61.5 percent in the last twelve months from 9.3 to 3.6—the lowest mark for that price range since 2005. … [read more]

Welcome back from the 4th of July weekend. Our post-4th news is remarkably the same as our pre-4th news. New listings continue at an atypically slow pace but pending sales are robust. The 1,719 new listings for the week ending June 27 is 18.9 percent less than a year ago. The 26,043 total listings available is … [read more]

We've noted before that the number of new foreclosures and short sales coming on the market for sale slowed in recent months. A major reason for this slowdown was likely the temporary foreclosure moratoriums that some major financial institutions instituted, as opposed to some sort of wholesale improvement in the financial situations of Twin Cities homeowners. … [read more]

The following is from a recent article that Mark Allen, our CEO, wrote for the CIC Midwest Quarterly newsletter publication on the current state of the townhouse-condo market in the Twin Cities. All the data comes from our Housing Supply Outlook. Take it away, Mark: ++++++++++++++++++++++++++ The Twin Cities condo and townhouse segments are still very … [read more]

The number of homes for sale in the Twin Cities metro area continues to decline relative to a year ago. As of Monday morning this week, there were 26,674 homes for sale in the region, down 20.9 percent from a year ago. In other words, we've lost 1 in 5 homes in our inventory in the … [read more]

I subscribe to and read an email newsletter from Laurie Karnes, a local appraiser from Land For Sale, Inc. She chimes in on interesting market-related issues from time to time and she wrote something last week that nicely underscored a point we try to make all the time around here: all real estate is local. … [read more]

As we near the halfway mark of 2009, the Twin Cities housing market continues to show a pattern of robust home sales and declining new listing activity. Setting aside fluctuations over the Memorial Day holiday, long-term market improvement can be seen when comparing 2009 to 2008. There were 1,210 pending sales for the week ending June … [read more]

Home sales are up in the Twin Cities, as you may have heard. But here's the tricky part: sales are only up in certain price ranges. Specifically, sales are way up in the price points below $200,000 where foreclosures and short sales are more prevalent. Things look a little different the higher up the price … [read more]

New listings and pending sales both took a jump upward in the week ending June 6 as the annual post-Memorial Day surge in activity took place. There were 1,226 signed purchase agreements in the Twin Cities for the week, which represents a 33.4 percent increase over the same week last year. The 2,160 new listings … [read more]

Let's start this freshly soaked week with June's Months Supply of Inventory of 7.6 months, a healthy 26.9 percent behind last June, when we were at 10.4 months of supply. The drop in supply has been brought about by weak new listings and strong home sales. New listings continue to underperform vs. 2008, with 1,566 … [read more]

The June Housing Supply Outlook just hit the internetz. As usual, here are some takeaways to make your time with this dense report as valuable as possible: Takeaway #1: The number of townhome sales in the Twin Cities metro area has increased over the last year by 0.4 percent after several consecutive years of declines … [read more]

Our incoming 2010 President Brad Fisher participated in a great roundtable discussion on TPT's "Almanac" last Friday along with Law professor Prentiss Cox from the University of Minnesota and Jeanne Boeh, an Economics professor at Augsburg. Good stuff, and up now in the internetz. Click here to watch.

Last week the March 2009 Case-Shiller Index was released and the folks at Standard and Poor's made a point to illustrate in their press release that the Minneapolis-Saint Paul had experienced the largest month-over-month decline in prices that they'd ever measured. As we've stated before, we are not anti-Case Shiller. Its a good index that gets a … [read more]

For the week ending May 23, there were 1,103 pending sales, which was down slightly from the week prior due to the Memorial Day weekend holiday. Despite the low-cal dip, the mark is still 27.2 percent higher than last year at this time. Of the week's sales, 43.2 percent were lender-mediated foreclosures and short sales. … [read more]

1,004. 1,046. 1,083. 1,078. 1,120. 1,185. Notice a pattern? That's the number of signed purchase agreements each of the last six weeks in the Twin Cities housing market, growing most weeks as the spring buyer market heats up. The 1,185 pending sales during the week of May 9 were a robust 26.6 percent higher than the … [read more]

Want to know how many houses have sold year-to-date in Eagan? Or if its taking longer to sell a house in Saint Louis Park this year than last year? Of course you do. You're only human. That's why we've got "The 100+," our free monthly market update tool that provides housing market info for over … [read more]

We trust that you had a good May Day, International Worker's Day or early Cinco de Mayo celebration. Whatever your cause for celebration, the Twin Cities housing market did not take a holiday. During the week ending April 25, pending sales posted their fourth consecutive week of more than 1,000 sales, a feat not accomplished … [read more]

Our two central sister cities—Minneapolis and Saint Paul (what, you were expecting Lakeville and Burnsville?)—have launched an ambitious collaboration designed to encourage consumers to purchase homes within their borders. With lender-mediated properties comprising a healthy chunk of the homes for sale in each city, we have to assume that the effort is motivated in part … [read more]

Each year, the Gallup organization takes a poll of thousands of consumers to get a feel for whether or not they think it's a good time to buy a house. Not surprisingly, the numbers have taken a beating the last three years. In 2008, the percentage of respondents who believe that it was a good … [read more]

Another great piece from the always-interesting Hitwise Intelligence blog, which tracks the online search activity of consumers all over the world to get a feel for what we're interested in. The folks at Hitwise compared the historical interest rates from the Bank of England with the amount of search activity that involved "interest rates" to … [read more]

Hopeful signs of a Twin Cities housing market recovery carry on thanks to a combination of no growth in the spring supply of homes for sale and still-improving sales figures. Helping to keep inventory down is slow new listing activity, a metric that has been sluggish all year. For the week ending April 11, there … [read more]

We announced yesterday that the number of foreclosures and short sales on the market in the Twin Cities has dropped over 1,200 units from February to April. That's undoubtedly a valuable measurement, but it also helps to look at metrics that take into account both supply AND demand like Months Supply of Inventory (MSI) to get … [read more]

The Q1 2009 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market" was just released to public and media. There's some more encouraging signs in this edition, most notably in the data plotted on this here chart of historical lender-mediated inventory: Two things you're probably taking away from this vexxing visual: (1) Holy … [read more]

Courtesy of us guys and our 2008 Residential Real Estate Activity Report(aka "The RREAR"), below is a map of lender-mediated activity in the Twin Cities housing market. The darker blues are those with a highest concentration of their 2008 sales were lender-mediated, while the lighter areas are those with a lower concentration. I suppose technically this contradicts … [read more]

A lot of attention is given every month to the release of the Case-Shiller Index, a national gauge of housing values with a unique statistical process. While there are undoubtedly both pros and cons to the methodology, the REALTOR® community has been unnecessarily venomous to the Index, often calling it out as some sort of … [read more]

As a follow up to yesterday's post, here's the second of our two videos that explore MAAR's market research tools. This one was also shown in Colorado during the National Association of REALTORS® AEI conference earlier this week, and digs into how agents and the public use the tools in their daily real estate business. … [read more]

At the REALTOR® Association Executive Institute in Colorado Springs, CO we gave an in-depth presentation on our market research program — why it's been successful, our guiding principles and how our agents, the public and government officials use the tools. As part of the 90 minute shindig, we put together two videos with input from our members … [read more]

Courtesy of USA Today, below is a map of American mortgages originated during 2000. The darker the color of the county, the more common it was for consumers to be over-leveraged by receiving financing on a home who's price exceeds 4 times their annual income. In the Year 2000: Now let's take a look … [read more]

Islamic law forbids the renting of money through paying interest (usuary or Riba). How does a practicing Muslim who lives by this code obtain a mortgage? Receiving a mortgage is obviously predicated on your willingness and ability to pay interest to the lender. A new program from the Minnesota Housing Finance Agency (MHFA) has been created to help … [read more]

As a followup to our post yesterday on the lagging effect of property tax assessments, here's a chart that the Star Tribune ran with their story, using our data. It tells the story more clearly and succinctly than 500 words on the subject, as any good chart should:

Fact: property tax assessments are not declining at the same rate as market values. Fact: consumers often assume this is because cities are greedy for revenue. Fact: it has more to do with state-mandated assessment procedures than greed. A Strib story digs into the details, where assessors defend themselves: The main reason for the disconnect, … [read more]

Ah, spring: that festive season when a young home buyer's fancy turns to thoughts of warm weather, green grass, new flooring, breakfast nooks and purchase agreements. Pending sales continue to outperform last year, posting 869 for the week ending March 7—good for a 24.7 percent increase. Of these signed purchase agreements, 56.6 percent were for lender-mediated … [read more]

Not surprising, obviously, but worth digging into the numbers regardless. A thoroughly enjoyable blog worth your time is Hitwise Intelligence, a daily look at what consumers are searching for online when they type their hidden needs, wants and desires into this little search boxes on Google, Yahoo and MSN. Just this past week, they published … [read more]

The good pollsters at Gallup recently attempted to answer a fairly important question: does where we live affect how happy we are? To answer the question, they developed a survey questionnaire that measures the self-defined happiness of its respondents: From NYT: The index attempts to “measure what it is that people believe constitutes a good life, … [read more]

Our neighborhood-level market trend tool, "The 100+", was just released yesterday with updated data through February! This month's edition marks the beginning of the addition of Median Sales Price to the metrics we track for 205 different communities throughout the Twin Cities. Click here to access and drill down to what's happening in your neck … [read more]

The March Housing Supply Outlook has just hit the internets. As usual, here's a breakdown of what we're seeing: Home sales below $150,000 are extremely hot, more than doubling over the last twelve months due to the effect of foreclosures and short sales. There are now 7.8 months of supply, which is 15.2 percent lower … [read more]

As we approach St. Patrick's Day, there's reason to take advantage of our Blarney Stone kisses and impart some eloquence (or "gift of gab" if you prefer). New listings continue to trail year-over-year numbers in our local housing market, coming in at 1,628 for the week ending February 28, which is 19.2 percent behind this … [read more]

This is taken from the forthcoming Spring edition of The REALTOR®, online now and headed to your old-fashioned mailbox by late February. When these all prove totally wrong at the end of the year I'll just blame it on the recession. Four Fearless Predictions for 2009 1) Twin Cities home sales in 2009 will be … [read more]

A few housing-related stories have been popping up in the local media recently that are with checking out. Some highlights. Mark Allen, our CEO, was recently interviewed by Steve Perry from MinnPost about the state of the local housing market. Gobs of good info in here, and we're glad to see a reporter make use of … [read more]

For the week ending January 31, new listings continue at a lower level than seen last year, clocking in at 1,635—a 15.3 percent drop. Conversely, pending sales continue to raise sand with 673 recorded for this week's report—25 percent above last year. Basically, this is all welcome news. Having fewer listings on the market, combined … [read more]

The Housing Supply Outlook for February 2009 just hit the internets. Here's a quick breakdown of some key trends to watch: Compared to one year ago, the Months Supply of Inventory continues its steady decline. The February number is 7.7 months, down a healthy 13.8 percent from last February. Increased buyer demand for foreclosures and short … [read more]

As we celebrate Groundhog Day, new listing numbers continue consistently at a slower pace than 2008. New listings for the week ending January 24 were 10.3 percent less than this same week last year. Total active listings are significantly down, reflecting the steady decline of supply that occurred over the previous 12 months. There are … [read more]

Mama always said never to play with your data. Or was it food? I think it was data. Well it's officially time to stop listening to mom. As an add-on to our Q4-2008 Update to our foreclosure and short sales report, we're proud to announce the release of a brand-new interactive data tool that gives … [read more]

As you know, we've been providing analysis on the effect of lender-mediated foreclosures and short sales on the Twin Cities housing market every quarter. The Q4-2008 report was just released and illustrates that there's some reason for cautious optimism. Click here to view. Foreclosures and short sales are showing early signs of slowing. During the … [read more]

Now is the winter of our discontent here in the Twin Cities. With temperatures remaining stubbornly arctic, there is a very real possibility that we'll stay below freezing for the entirety of January. After a steady rise for the first two weeks of 2009, the Twin Cities housing market is reflecting the cold, with new … [read more]

As the final pages of our most recent "Foreclosures and Short Sales in the Twin Cities Housing Market" report demonstrates, the scourge of lender-mediated properties has affected some areas of the metro more than others. Brooklyn Center has unfortunately ranked fairly consistently near the top of the list of areas with high lender-mediated market share. … [read more]

Steve Havig, our 2009 President, was recently featured on two WCCO-TV stories related to the local real estate market and the availability of mortgage financing for residential real estate (hint: it's actually readily available, contrary to popular opinion). Sit back with some popcorn and enjoy: Video 1 Video 2

Coming up on next Wednesday, January 14th is a huge event for the Twin Cities real estate community: the annual Residential Real Estate Summit, sponsed by the four Twin Cities metro realtor associations (hey, that's us!) and put on by the Real Estate Communications Group. The event features a keynote address from Tobias Madden of … [read more]

As expected, all activity in the Twin Cities housing market basically flatlined during the week of the Christmas holiday, as consumers and REALTORS® alike took time away from buying and selling homes. For the week ending December 27, there were 550 new listings and 256 pending sales in the entire 13-county Twin Cities region, down … [read more]

The recent plunge downward in mortgage rates to a decades-low level is spurring Twin Cities home sales, despite shorter days and holiday interruptions. For the week ending December 20, there were 553 purchase agreements signed (pending sales), which is an increase of 20.0 percent from the same week last year. Since rates dropped three weeks … [read more]

As if you didn't know. A few choice nuggets on the subject: Reuters: Record Low Mortgage Rates Toss Housing a Lifeline Fox9: Low Rates Lead Homeowners To Wonder If Refinancing is Right for Them Star Tribune: Rates Hit New Low All of this is certainly good news for potential buyers, as low rates, motivated sellers and … [read more]

As the fall temperature persists at near freezing levels, home sales activity remains stubbornly higher than it was a year ago, despite weakened consumer confidence and a sluggish economy. Pending sales for the week ending November 8 were 16.9 percent higher than the same week in 2007, and over the last three months have been … [read more]

A cool little article from the Strib examining some of the myths around buying foreclosures or short sales is online now, and features analysis from some MAAR members. On the ideas that foreclosures are only in certain neighborhoods: Bank-owned homes are in almost every inner-city and in many suburban communities. For example, in October there were 150 … [read more]

Canadians: is there anything they're NOT good at? First they dominate the MVP races in two prominent professional sports leagues with soft-spoken 6'3" guys from Victoria (Exhibit A and Exhibit B). Next they produce the best rock band of this century, who give us two nearly perfect albums from the snowed-in streets of Montreal (see … [read more]

There is further evidence that home sellers (both traditional and lender-mediated) in the Twin Cities housing market are becoming more successful in attracting buyer interest by pricing their properties attractively from the get-go. This is having the bonus effect of limiting further extension of market time and reducing the number of price concessions. For instance, … [read more]

Remember our discussion a few weeks back about how the future of the real estate market is a total crapshoot? Add another reason to the list. From the Conference Board: "The Conference Board Consumer Confidence Index™, which had improved moderately in September, fell to an all-time low in October. The Index now stands at 38.0 (1985=100), … [read more]

Home sales in the Twin Cities housing market continue to post healthy increases over last year, though the upward movement isn't as powerful as it was during September. For the week ending October 18, there were 618 signed purchase agreements (pending sales)—an increase of 9.6 percent over the same week last year and the 16th … [read more]

The message has been made clear to us that our most popular offering over the past few years has been our market reporting tools. Now that you’ve helped us prove the "if we build it, you will come" theory, we want to learn more about what we’re doing right and wrong. We thank you for … [read more]

Not everything is built to withstand recession. Auto dealerships, restaurants, and airlines are often among the many industries sent into a tailspin when consumers get frugal in tough economic times and cut back on spending. Historically, however, there is one segment of the economy which not only withstands downward economic pressure, but often thrives on … [read more]

With home values in decline and traditional sellers facing new competition from bargain-priced foreclosures and short sales, some are turning to a completely different approach to trying to sell their home. Rather than put the house up for sale, they’re trying to actually swap their house with someone else’s. From a Star Tribune article: Homeowners … [read more]

REALTORS® are, for all intents and purposes, in the business of understanding people. They don’t sell houses really; they listen, analyze and counsel people. Thus, having a thorough grasp on what makes your clients tick is crucial. With this in mind, if you’re a REALTOR® working in the Midwest (aka "The Heartland" aka "Flyover County"), … [read more]

…phrases using "Wall Street" and "Main Street" in the same breath have never enjoyed more popularity. Consider this an official callout to the media, economists, pundits and politicians: please find another way to describe the differences between people who work in finance and people who don’t. This is getting tiresome. From Wall Street to Main … [read more]

As you’re all no doubt aware, there was an, shall we say, economic hiccup in the global markets over the past few days. We have no illusions that you come here for news and updates on these issues, so we’re not going to inundate you with details of the fallout—you’ve probably heard it all already … [read more]

The September Housing Supply Outlook (HSO) has hit the streets. The HSO is a detailed look at that important and ever-shifting balance of supply and demand that breaks down the market by property type, price range and construction status to tell a more complete story of the market. As always, in the interest of making … [read more]

As we were all painfully aware thanks to the heavy traffic and ubiquity of police presence on every corner, the Republican National Convention was this week in our very own Saint Paul. Or, was that Minneapolis? Odds are good that most out-of-towners can’t even tell the difference between the two cities. And those venerable national … [read more]

Let’s start with the facts: The median sales price of condominiums in Q2 2008 was only 2.9 percent lower than the price from Q2 2006. The market as a whole has seen a decline of 11.9 percent. Compared to one year ago in Q2 2007, the median sales price of condos actually held dead flat … [read more]

We’ve talked about this type of thing before, but it bears repeating. The power of price is subtle but monstrous, enough so that a difference of one penny—the distance between, say, $3.00 and $2.99—can have a gigantic effect on consumer interest in a product. From a recent BBC article: "…according to a French study the … [read more]

Brand identity is essential. What does your brand "mean" and do consumers accept that meaning? Apple means sleek, futuristic, intuitive and consumer-focused. Microsoft means utilitarian, pragmatic, complex and business user-focused. In some instances, having a powerful and strong brand can actually hurt you in the short-run, especially in times where the "values" that frame your … [read more]

The Federal Reserve Bank of New York has some pretty sweet visual maps that plot mortgage information: foreclosure and delinquency rates, ARM usage, low and no-doc loan figures…you get the picture. Where this tool really earns its stripes is the extreme level of detail it can provide down to the ZIP code level. In other … [read more]

Another in an ongoing series where we track the creative and ludicrous ways in which the world describes the housing market, us included. This one’s from our own vaults. Let’s get anatomical, y’all: “Projections on the future of the housing market are like belly buttons—everyone’s got one,” said Kevin Knudsen, president-elect of MAAR. “But the … [read more]

Well, duh. Take a gander at this thin-as-rice-paper KARE-11 report on the decline in REALTOR® membership. Fair warning: You’ll have to sit through a quick ad before the main attraction begins. CliffNotes version: Now that there are less houses selling, there are less REALTOR®. A shocking exposé. All kidding aside, this is an important topic, … [read more]

The first in an ongoing series where we track the creative and ludicrous ways in which the world describes the housing market, us included. From a Bloomberg Opinion Piece: "The U.S. housing bust is like a leaking ship. You may still be able to stay afloat, depending upon where and how bad the holes are." … [read more]

A new consumer survey from Zillow illustrates some pretty fascinating trends in consumer perception of home values. After asking 1,300 American consumers whether they thought the value of their home was increasing or decreasing, the online property valuation firm from Seattle has created what they call a "Home Value Misperception Index" which measures just how … [read more]

The good news: help is on its way with the recently passed Housing and Economic Recovery Act of 2008! However, not all is good—at least for the near-term. One section of this new legislation accomplishes the longtime HUD goal to sunset seller-funded down payment assistance, which used third-party intermediaries to create what were essentially zero … [read more]

We’re hosting a "Wine & Beer Tasting Event" at Stella’s Fish Cafe in Uptown on Tuesday, August 5, from 6:00 p.m. to 8:30 p.m. It’s meant to be a fun networking event with other REALTORS® in the heart of "the scene" in Snapolis. It’s doubling as both an international event and a "young professionals" event. … [read more]

Our more recent communications have included some encouraging news, as market indicators are starting to reveal positive shifts occurring in the local housing market. This does not imply that the market has rebounded—only that we’re past the days where the elevator keeps on descending, as it appears we are arriving at ground floor. What are … [read more]

Several of us from MAAR went to the 52nd Annual Meeting & Technology EXPO of the Midwest Society of Association Executives (MSAE) on Thursday, May 22. MSAE, as stated on their website, "offers cost-effective education and resources specifically targeted to association executives. MSAE is a full-service organization devoted exclusively to the promotion, advancement and the … [read more]

Le Tour De Housing MarketOne of my favorite aspects of the Tour De France is the race through the Pyrenees. For several days, riders struggle mightily through tremendous mountain climbs in an effort to win the coveted yellow jersey and hopefully cement themselves as a legitimate contender to win the Tour. For the past few … [read more]

Approximately 16 industry leaders composed of lawyers, developers, corporate managers, engineers, professors and other experts represented the various facets of the “green” industry at the Green Buildings and New Technology Conference on April 8th. The state of green in Minnesota, green initiatives, new technology, financial incentives and strategies for enhancing sustainability were presented. The common … [read more]

Last week I attended a professional development institute for association executive staff and heard an inspiring presentation from Jason Jennings, best-selling author of Think Big Act Small. Using his soon to be published (and titled) new book as a guide, Jason spoke about common traits of CEOs who have created the greatest amount of economic … [read more]

"The TV business…is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free and good men die like dogs." – Hunter S. Thompson How’s that for an attention grabber? Hey, blogs are supposed to be controversial and interesting. That’s what they teach us in blog class. But the lead-off … [read more]

Last week, OFHEO, Fannie Mae and Freddie Mac announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market. OFHEO estimates…the GSEs to purchase or guarantee about $2 trillion in mortgages this year. What … [read more]

The manager of a large brokerage office recently asked what should be the elevator speech in an agent’s repertoire for use when conversing with home buyers. When you have only a couple brief minutes of face to face time, the following is what home buyers need to know: 1. Never has there been … [read more]

We have been neener-neenering with pointed finger at such overwrought housing markets as California, Nevada and Florida over the past year and saying, "Ha, it ain’t us!" Our 2007 President, Deb Greene, made the point on national television that the country’s interior markets were far more stable than the coasts, to which CNBC’s Maria "The … [read more]